Prices of petrol, HOBC to remain unchanged

The government has decided to keep prices of petrol and High Octane Blending Component (HOBC) unchanged for the month of June.

Talking to media persons here on Tuesday, Federal Minister for Finance, Ishaq Dar said that it has been decided not to increase prices of the petroleum products during the Holy month of Ramazan on the directions of Prime Minister Nawaz Sharif.

He said Oil and Gas Regulatory Authority (OGRA) had proposed an increase in all the major petroleum products for June, but the government decided not to increase the prices of petrol and HOBC.

While the government has approved partial increase in the prices of other products, including High Speed Diesel (HDS) by Rs 3.34 per litre, Light Diesel Oil (LDO) by Rs 2.23 per litre and Kerosene Oil by Rs 1.98 per litre.

The Finance Minister said old prices will continue during June and there will be no increase in this regard to facilitate common masses.

He further said the government will bear Rs 8.5 billion burden as a result of not increasing petroleum prices.

OGRA has recommended following increase in the prices of different petroleum products: Rs 6.69 per litre increase in High Speed Diesel (HSD), which is mostly, used in the transport and agriculture sectors.

Rupee 0.85 per litre increase in petrol price. Rupees 3.97 per litre in kerosene oil price, used for cooking purposes in remote areas where liquefied petroleum gas is not readily available.

Similarly, an increase of Rs 4.47 was recommended in Light Diesel Oil (LDO), mainly used for industrial purposes. Rupees2.18 per litre increase in High Octane Blending Component (HOBC) price, mainly used in luxury cars.  -Business Recorder