Furnace oil prices slashed by 50 pc for current fiscal year
Price of fuel was Rs 50,00/ ton in the start of 2016 but it has reduced to around Rs 25,000/ton now.
ISLAMABAD (Dunya News) – The prices of furnace oil has dropped by 50 percent in past nine months of the current fiscal year, reported on Monday.
According to experts, the price of fuel was Rs 50,00/ ton in the start of 2016 but it has reduced to around Rs 25,000/ton, providing relief to the industrial owner in production process.
They said that if the crude oil prices boost at international level then the power plants will also face hike in production cost.
The economy specialists urged the government to speed up projects based on solar energy so that the locals can utilize cheap electricity.
Earlier, Oil and Gas Regulatory Authority (OGRA) decided to send summary to finance ministry, suggesting Rs 3.50/litre increase in petroleum prices.
The finance ministry had stated that a consistent increase in Arab light crude oil is being witnessed and if it continues then the government will raise the petroleum prices by five percent in April.
However, the government can also reduce the GST to maintain the old prices.
Further, the government reduced petrol price by Rs 8 per litre, a positive development for the anticipating public. Prime Minister Nawaz Sharif approved the reduction in petroleum prices after which the petrol price was reduced by Rs 8 per litre while diesel by Rs 4.5 per litre.
The new price of petrol was Rs 62.77 per litre and high speed diesel was 71.12.
The price of high octane was slashed by Rs 3 per litre while the PM rejected the recommendation to reduce the price of kerosene oil.
