ISLAMABAD - PPP-led government, in a heart winning move, is likely to decrease prices of petroleum oil and lubricant (POL) products and compressed natural gas (CNG) as well by 16th June for remaining half of the month, it has reliably been learnt. Informed circles told TheNation on Wednesday that price of Compressed Natural Gas (CNG) along with POL products are likely to witness a declining trend from June 16. They told that as the Minister for Petroleum and Natural Resources Dr Asim Hussain is now ready to allow a decrease in the prices of the commodity. Further, due to likely reduction by Rs10.45/litre in the price of petrol for the above said span of days would also cause decrease in the prices of CNG. They said that though in accordance with the earlier agreement made between the MP&NR and the CNG association where it was settled that the price of CNG would be kept at 45 percent cheaper than petrol. However, current difference in the prices of both commodities would now likely to see five per cent decrease in the parity by 16th June resultantly CNG-Petrol parity would stand at 40 per cent in the country instead of 45 per cent.
They said that owing to serious differences with the CNG association, Petroleum Minister Dr Asim Hussain, despite Rs3.39/litre decrease in the price of petrol, did not approved Rs2.85/kg decrease in CNG price for the first half of the month of June.
Similarly, prices of petroleum oil and lubricant (POL) products are also likely to witness decrease up to Rs11/litre by 16th June for remaining half of the month as price of crude oil in Arab Gulf market has been reportedly reduced by $8/barrel.Even in international oil market, price of crude oil has reached to a lowest level that was seen some four year back. Consequently, a likely decrease in the prices of the POL products would be by Rs10.35/litre in petrol, Rs5.28/litre in high speed diesel (HSD) oil, Rs11/litre in high octane blended component (HOBC), Rs5.21/litre in light diesel oil (LDO), and Rs5.49/litre in kerosene oil, sources said.