Islamabad: Ministry of petroleum has sent summary to finance ministry seeking hike in petroleum products prices by 7 percent for the month of May, sources said.
The sources said that ministry of petroleum had sent summary to ministry of finance for raising price of petroleum products by 7 percent for the month of May. It will be sent to Prime Minister for his approval.
The sources said that if government did not increase the prices in line with international market prices then it would have to provide additional subsidy of Rs 12 billion. Subsidy could shift additional burden to fragile economy of country, they added.
Sources said hike in the price of petrol by Rs 5 per liter, diesel by Rs 6.50, kerosene oil by Rs 5.43 and high octane by Rs 5.88 per liter had been proposed in the summary.
Following the approval of summary by Prime Minister petrol prices will go up to Rs 88.85 per liter, diesel Rs 99.49 and kerosene oil Rs 89.10.
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