General

Diesel price to be cut by as much as Rs17: petroleum minister

The prices of diesel will be reduced by as much as Rs17, Federal Petroleum Minister Ghulam Sarwar Khan said Friday night.
The minister said the strategy for the near future was to slash diesel prices down to levels similar to that of petrol. It was unclear as to whether the decreased rates will favourably impact fares and other costs related to goods transport.
Sarwar also shared that reserves of crude oil and natural gas had been found in Sanghar.
During his press conference, he also noted that Pakistan’s new leadership will be working to speed up work on the Turkmenistan-Afghanistan-Pakistan-India (TAPI) Pipeline, alternatively known as the Trans-Afghanistan Pipeline.
The petroleum minister noted that plans pertaining to liquefied natural gas (LNG) that were earlier kept hidden from the public will now be brought out in the open.
Earlier on August 1, the then-caretaker finance ministry had announced that the prices of petroleum products were to be maintained at existing levels for the month.
Despite the Oil and Gas Regulatory Authority’s (OGRA) request to bump up the rates owing to higher costs in the global market, the notification had said the rates were retained at the then-levels to provide relief to the common man.
Accordingly, the notification mentioned that the prices of petrol, diesel, kerosene, and light diesel were to remain at per-litre rates of Rs95.24, Rs112.94, Rs83.96, and Rs75.37, respectively.