No hike in petroleum prices, orders PM

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ISLAMABAD: The federal government, after getting approval from Prime Minister Nawaz Sharif, has rejected the suggested increase in the prices of petroleum products.

The decision was taken Saturday after a meeting of Finance Minister Ishaq Dar with the prime minister.

While being briefed on the cumulative reduction in POL prices over the last three months, Sharif was informed that economic policies along with the stabilisation of the rupee and increase in the foreign exchange reserves have already resulted in a reduction in POL prices in the country.

The prime minister was also informed of OGRA’s suggested increase in the prices of petrol, HSD, LSD and HOBC and decrease in price of kerosene oil for the next month.

Consequently, Sharif directed that the prices of the petroleum products, where OGRA has suggested increase, should be kept at the same level and that the decrease in price of kerosene oil be passed on to the consumers, on recommendation of Finance Minister Ishaq Dar.

The government will provide subsidy amounting Rs.1.78 billion to offset the difference in prices of POL products.

 

After the directives, the price of MS (petrol) will remain Rs 107.97 per litre, high speed diesel Rs 109.34 per litre, light diesel oil Rs 94.13 per litre, HOBC Rs 134.63 per litre while the prices of kerosene oil will be reduced to Rs 97.40 per litre from existing price of Rs 98.07 per litre.

However, OGRA had suggested increasing petrol price to Rs 109.28 per litre, high speed diesel Rs 111.15 per litre, light diesel oil Rs 95.14 per litre, HOBC Rs137.12 per litre and decrease of kerosene oil price to Rs97.40 per litre.


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