The government decided earlier yesterday to keep the prices of petrol and high speed diesel (HSD) unchanged for the third consecutive month and reduce kerosene and light diesel oil (LDO) prices from Aug 1.
According to an official press release, Finance Minister Ishaq Dar discussed with Prime Minister Nawaz Sharif in Madina a summary sent by the Oil and Gas Regulatory Authority (Ogra) recommending an increase in prices of petrol and other petroleum products, but the PM rejected the proposal.
OGRA had recommended an increase of Rs2.19 per litre for petrol, 60 paisa for HSD and Rs4.65 for HOBC and a reduction of 31 paisa per litre for kerosene and 81 paisa for light diesel.
Petrol will continue to sell at Rs107.97 per litre, HSD at Rs109.34 and HOBC at Rs134.63. But the price of kerosene will be reduced to Rs97.09 per litre and that of LDO to Rs93.32.
The finance ministry said the government would provide a subsidy of Rs1.36 billion to keep the prices of petrol, diesel and HOBC unchanged for August.
