ISLAMABAD: Prime Minister Muhammad Nawaz Sharif Saturday directed to maintain the prices of petroleum products at the same level, rejecting recommendations of Oil and Gas Regulatory Authority to increase the same for next month.
The Prime Minister issued these directives in a meeting with Minister for Finance Ishaq Dar who called on him.
The Finance Minister briefed the Prime Minister on cumulative reduction in POL prices during the last three months.
He informed that the economic policies, stabilization of the value of rupee and increase in the foreign exchange reserves had already resulted in reduction of POL prices in the country.
He informed the Prime Minister that the OGRA has suggested increase in prices of petrol, HSD, LSD and HOBC and decrease in price of kerosene oil for the next month.
The Prime Minister directed that the prices of the petroleum products, where OGRA has suggested increase, should be kept at the same level and the decrease in price of kerosene oil will 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 Prime Minister’s directive, 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.