'Bitter' decision to hike fuel prices had to be taken: info minister

ISLAMABAD: An increase in the prices of petroleum products was inevitable, Pakistan's interim information minister said Sunday, according to Geo News.

Ali Zafar, the caretaker information minister, explained that the bitter decision to approve a hike in the petroleum prices had to be taken.

On Saturday, the caretaker government through a notification approved a significant upward revision in petroleum prices, with the new rates coming into effect from July 1 (Sunday).

After respective rate hikes of Rs7.54, Rs14.00, Rs3.36, Rs.5.92, and Rs6.55 in petrol, diesel, kerosene oil, light diesel, and high-speed diesel, their new per-litre prices were Rs99.50, Rs119.31, Rs87.70, Rs80.91, and Rs105.31.

Earlier, the Oil and Gas Regulatory Authority (OGRA) had recommended an increase in the prices of petrol, diesel, and kerosene oil by Rs5.40, Rs6.20, and Rs12, respectively, for July 2018.

As per the notification, the caretaker government has cited the worsening economic condition as the reason for the price hike.