Petrol price raised by Rs 1 per litre

DUBAI: The federal government on Friday revised the price of petroleum products. Finance Minister Ishaq Dar during a press conference held here announced that the price of petrol and diesel would be raised by Rs 1 per litre.

The finance minister is in Dubai where talks between Pakistan and the International Monetary Fund (IMF) are being held since the last three days.

While Addressing the media, Ishaq Dar expressed that the prices of kerosene oil and light diesel oil would remain unchanged.

Finance Minister said: “The government would absorb an additional burden of Rs 3 billion for the month of April by not transferring the full impact of the prices of petrol and diesel to consumers.”

He maintained that the government was trying to increase petroleum prices by minimum possible amount.

Earlier, the Oil and Gas Regulatory Authority (Ogra) had sent its summary to the Finance Ministry for approval, seeking increase of Rs 2.28 per litre and Rs 2.04 per litre in prices of petrol and diesel respectively. A Rs 13.76 per litre hike in the price of kerosene oil and Rs7.75 per litre increase in light diesel was also recommended.

With the increased prices, Petrol would be sold at Rs 74 per litre and Diesel at Rs 84.

Ishaq Dar said that the government has been passing on the price impact partially to consumers and loss of revenue on this account has reached to around 97 billion rupees during the current financial year.