According to a notification issued by the finance ministry on Monday, Finance Minister Ishaq Dar met with Prime Minister Nawaz Sharif in Madina, Saudi Arabia to review the prices of petroleum products for the month of August.
As per the recommendations of Oil and Gas Regulatory Authority (OGRA) the prices of Kerosene was reduced by Rs0.31 from Rs97.40 to Rs97.09. Similarly, the prices of Light Diesel have been reduced by Rs0.81, from Rs94.13 to Rs93.32.
However, Ogra had recommended that prices of petrol, HOBC and HSD be increased, but this was rejected.
On the recommendations of finance minister, the premier approved to maintain the existing prices of petrol, HOBC and HSD at Rs107.97, Rs134.63 and Rs109.34, respectively.
To maintain the prices, the government will have to bear a subsidy of Rs1.359 billion.
The prices are effective from July 29, 2014.
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Where in the world do petroleum prices vary so often? Petroleum prices are expected to remain constant and are to be judged solely by Demand and Supply.
This news alone says million things about rampant corruption even in Petroleum prices.
The Govt should stop providing subsidies on HOBC and pass on the cost. Its been three months that the govt has not passed on the rising cost of petrol to this thankless nation.
Only to raise it more after Eid.
big gift, they will decrease rs 2 and raise rs 5 , bunch of players