According to a statement, Prime Minister Nawaz Sharif rejected the Oil and Gas Regulatory Authority's (OGRA) summary for upward revision of petroleum prices for the month of July, 2014.
In order to keep petrol prices unchanged for the month, the government will have to provide a subsidy of half a billion rupees.
“It may be noted that last time subsidy on petroleum prices was Rs1.78 billion,” a statement from the Prime Minister house read.
According to summary moved to finance and petroleum ministries by Ogra, it was proposed that the price of petrol should be revised upwards by Rs0.84 per litre, High Octane Blending Component (HOBC) by Rs3.63 per litre, Kerosene oil Rs0.30 per litre, High Speed Diesel (HSD) Rs0.27 per litre and Light Diesel Oil (LDO) Rs0.22 per litre.
The revision in prices was proposed following hike in global oil prices due to bad condition in Iraq where insurgents had occupied oil field.
Nawaz had also halted any increase in oil prices in June to provide relief to the consumers.
Officials said that finance ministry had tried its best to convince the prime minister that proposed hike in oil prices should be passed on to the consumers in a bid to more collection of revenue. However, prime minister rejected demand of finance ministry and directed to keep oil prices unchanged. Officials said that proposed increase in oil prices had been absorbed in the Petroleum Levy (PL)
Prices of POL products with effect from July 1, 2014
| Product | Current month’s prices | PM approved price w.e.f. Jun 2014 | |
| MS (Petrol) | Rs107.97 | Rs107.97 | |
| High Speed Diesel | Rs109.34 | Rs109.34 | |
| Light Diesel Oil | Rs94.13 | Rs94.13 | |
| HOBC | Rs134.63 | Rs134.63 | |
| Kerosene | Rs98.07 | Rs97.40 |
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@Ozair: You people will always remain confused. It is because of your confused leader. Open your heart for others and do constructive criticism. Say good what is good and say wrong what is wrong.
Appreciable act of federal government. Work is in progress on many projects for electricity generation that will give result after few years. Economy has diverted towards the right direction. We should remain hopeful for the future.
Good move.
Bravo NS
It is a nice action by PM Nawaz Sharif to provide relief to people in the month of Ramadan. It is a nice action by PM Nawaz Sharif to give relief to people in the month of Ramadan. Opposition should not be done for the sake of opposition. Good steps of government should be praised. Opposition should not be done for the sake of opposition. Good steps of government should be praised.
Allah bless Pakistan. Allah bless Nawaz Sharif.
Well done Nawaz Sharif.
Good step by PM. It must be appreciated. Haters will continue hating.
Why is it called a gift. You mean the PM decided to use tax payers money to subsidise. As a tax payer, I don't see this as a gift. In fact I see this as a waste of my tax money. It would bexpect a gift if NS paid out of his own pocket
I am confused, is it because of Ramadan or Tsunami March ?