The federal government has rejected Oil and Gas Regulator Authority’s (Ogra) fortnightly review and decided to maintain the prices of petroleum products at the current rate with effect from May 1 (today).
The financial burden to maintain the prices will be borne by the government.
Ogra had sent a summary to the federal government for an increase in the prices of petroleum products for 15 days with effect from May 1 but it was rejected by Prime Minister Shehbaz Sharif following which the finance ministry announced on Saturday to maintain the rates.
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According to a notification issued by the finance ministry, the price of petrol will remain at Rs149.86 per litre; high speed diesel Rs144.15 per litre; kerosene Rs125.56 per litre and light diesel oil Rs118.31 per litre.
Earlier this month, Finance Minister Miftah Ismail, during his Washington visit, told US think tank Atlantic Council that the government would have to increase the price of petroleum products to get the country’s economy back on track and revive the stalled bailout programme with the IMF.
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