The federal Govt on yesterday decreased fuel price by Rs 2.73 per litre bringing down the commodity price from Rs 112.76 to Rs 110.03 per litre, while keeping rates of the remaining oil products unchanged. The Ogra had advised the Govt to cut down petrol price by Rs 3.44 per litre and High Octane Blending Component by Rs 3.02 per litre.
The ministry of finance, while overlooking the Ogra suggestion, authorized a reduction of Rs 2.73 per litre in petrol price and kept the HOBC price unchanged due to raise in Petroleum Levy. The finance ministry with the authorization of the PM has kept the rates of High Speed Diesel (HSD), Kerosene Oil (KO) and Light Diesel Oil (LDO) unchanged authorising a subsidy of Rs 0.003 per litre on HSD, Rs 0.49 on KO per litre and Rs 0.31 per litre on LDO.
After the present adjustments in the oil products rates from March 1, 2014 (Saturday), various oil products will be available at the following rates: Petrol Rs 110.03 per litre, HOBC Rs 141.23 per litre, KO Rs 106.76 per litre, HSD Rs 116.75 per litre and LDO Rs 100.22 per litre. The federal Govt nominally raised the price of jet fuel JP-1, ie, by Re 0.23 per litre from Rs 95.27 to Rs 95.50 per litre.