ISLAMABAD: Prime Minister Imran Khan on Monday rejected a proposal by the Oil and Gas Regulatory Authority for an increase in fuel prices, several media outlets reported on Monday.
Media outlets while quoting sources reported that the Prime Minister has rejected the summary of an increase in prices of petroleum products. The prices would have been effective from November 16. For the next 15 days, the prices of petroleum products will remain the same.
Therefore, following the prime minister’s decision, the petrol price will likely remain unchanged at Rs145.82 per litre and that the price of diesel will remain Rs142.62 per litre as before. The prices of kerosene oil and light diesel are also expected to remain at Rs116.53 and Rs114.07 respectively.
Earlier in November, the government increased petroleum prices by up to Rs8.14 per litre with immediate effect to ensure revival of the IMF programme. The decision was announced after 1:30am by the ministry of finance.
On the basis of tax rates, import parity price and exchange rate, the government increased the price of petrol and high-speed diesel by Rs8.03 and Rs8.14 per litre, respectively. Similarly, the prices of kerosene and light diesel oil were increased by Rs6.27 and Rs5.72 per litre, respectively.
Under the notification, the ex-depot price of petrol was fixed at Rs145.82 per litre instead of Rs137.79, showing an increase of Rs8.03. The product is mostly used in private transport, small vehicles, rickshaws and two-wheelers and has a direct bearing on the budget of middle- and lower-middle class.
This is the first time in the country’s history that prices of all the petroleum products are above Rs110 per litre.
