Long-awaited POL price cut likely

ISLAMABAD—Following the fresh down trend in Petroleum price in the International market, a cut in petroleum products prices from Rs2 to Rs3 is likely to be announced on Friday (today), it is learnt.
Sources told Online here on Thursday that after assuring the Supreme Court, the government wanted to pass on the benefit of reduction in international oil prices to the masses.
They said that during pass few months, the government was trying to collect the losses while providing subsidy on petroleum products due to the hike in petroleum prices.
They said that petrol price will be reduce from Rs 57.70 per litre to Rs 55.70 per litre and diesel prices will reduce from Rs 35.23 to Rs 33.23 per litre. OPEC ministers agreed Thursday to hold oil production unchanged for now but set the stage for a cutback of half a million barrels a day in February. Oil rose above $62 a barrel in response.—Online