The government has decided to keep prices of petroleum products unchanged for the first two weeks of January 2017 in order to provide maximum relief to the common man. The decision in that regard was made on the directives of Prime Minister Nawaz Sharif as a New Year’s gift to the people.
Finance Minister Ishaq Dar told a press conference on Saturday that the decision of not increasing the prices of petroleum products would cost the government some Rs 4 billion.
Following the decision of Organisation of the Petroleum Exporting Countries (OPEC) and non-OPEC members to cut crude oil production that led to increase in crude oil prices internationally, the increase in prices of petrol was calculated at Rs 1.77, kerosene oil at Rs 14.31, light diesel oil at Rs 10.11 and high-speed diesel at Rs 3.99 per litre, at the rate of 17 percent sales tax.
The Oil and Gas Regulatory Authority (OGRA) had suggested a raise of Rs 3.94 for high-speed diesel, Rs 6.93 for kerosene oil, Rs 3.48 for light diesel and Rs 0.31 for petrol. However, the prime minister directed the authorities to keep the prices unchanged, he added.
The minister said the prices of light diesel and kerosene oil, which were used by the common man, would remained unchanged for whole month, while those of petrol and diesel would be reviewed after 15 days.
He said that OGRA had suggested fixing the price of petrol for next month at Rs 66.58 per litre, high-speed diesel at Rs 79.16, kerosene oil at Rs 50.18 and light diesel oil at Rs 46.82 per litre.
The minister said that an increase in POL prices in the international market during the month of November was partially passed on to the people, as the government absorbed the major chunk of the raise.
Dar said that during the last six months, the prices of petroleum products had not been raised, and maximum relief was provided to the people.
