The Finance Minister told the Prime Minister that the economic policies, stabilization of the value of Rupee and increase in the foreign exchange reserves have stimulated the recent reduction in POL prices.
The Prime Minister directed the Finance Minister that the benefits of the strong economy should reach to the common man.
The Finance Minister suggested reduction in the POL prices after the consultation with OGRA and the Ministry of Petroleum.
The Prime Minister approved the reduction in POL prices.
The Finance Minister also apprised the Prime Minister about the reduction in POL prices during the last three months and told that since March-May 2014, the prices of petrol have been reduced by Rs. 4.71, Diesel by Rs 7.41, and Kerosene oil by Rs. 8.69.
He further told that in May 2014 the price of Diesel has been decreased by Rs. 4.51, Kerosene oil by Rs. 3.08 and petrol by Rs. 0.34.
A chart of decrease in prices of petroleum products during the last three months shows that the price of Petrol/Motor Oil, which has been approved at Rs. 107.97 per liter w.e.f. May 1, 2014, has come down from Rs. 112.76 on Feb 1, 2014, Rs. 110.03 on March 1, and Rs. 108.31 on April 1, 2014, depicting a total decrease of Rs. 4.79.
The price of High Speed Diesel (HSD), which has been approved at Rs. 109.34 per liter w.e.f. May 1, 2014 was Rs. 116.75 on Feb 1, Rs. 116.75 on March 1, and Rs. 113.85 on April 1, 2014, showing a decrease of Rs. 7.41 during the last three months.
Likewise, the price of Kerosene Oil, which has registered a decrease of Rs. 8.69 per liter during the last three months with a new price of Rs. 98.07 w.e.f. May 1, 2014 was Rs. 106.76 on Feb 1, Rs. 106.76 on March 1, and Rs. 101.15 on April 1, 2014.