Islamabad: Prime Minister Nawaz Sharif has rejected the summary of increase in petroleum products’ prices Friday and the regime decided after that to maintain current rates in next month of December.
The Oil and Gas Regulatory Authority (Ogra) had earlier this week recommended the increase despite a decline in international oil prices. Depreciation in the value of the rupee against the dollar was given as the reason for increasing the prices of petrol, high speed diesel, kerosene and high octane blending component (HOBC).
The OGRA summary, mailed to the Finance and Petroleum ministries, suggested to mount petrol price by Pe. 0.85 per liter, High Speed Diesel by Re. 1.34, Kerosene Oil Re. 1.18, Light Diesel Re. 0.82, and High Octane by Rs. 5.22 per liter.
The US dollar was Rs105 on Nov 1 but now it had reached Rs109.50, an increase of about 9 per cent, OGRA said.
After rejection of POL products’ price hike and the OGRA summary by the premier,  the prices of petrol, high speed diesel and low speed diesel during the next month would be Rs112.76 per litre, Rs 116.75 per litre and Rs 101.24 respectively.
The price of kerosene oil would also remain unchanged at Rs 101.24.
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