The government on Tuesday jacked up per litre price of high-speed diesel (HSD) by Rs2.26 and petrol by Rs 2.25 which will be effective from Wednesday across the country.
Federal Finance Minister Ishaq Dar announced the prices of petroleum products for the period starting from 1st February 2017 until midnight on 15th February 2017.
According to the minister, it has been decided to increase the price of petrol by Rs2.25/Litre only while the price of HSD is being increased by Rs. 2.26/Litre. These increases are almost half of the increases recommended by OGRA for both petrol and HSD, Ishaq Dar said.
Dar said in line with the prime minister’s instructions to provide maximum relief to the common man, and keeping in view that Kerosene Oil and LDO is used by the low income segments of the country’s population, it has been decided to maintain the prices of Kerosene Oil and LDO at the current level till15th February 2017.
Ishaq Dar said in order to maintain the prices of both Kerosene Oil and LDO at current levels, the government will not only be forgoing all applicable taxes and duties on these petroleum products but will also subsidise the prices of these products for the consumers.
Earlier, Ministry of Petroleum & Natural Resources and OGRA (Oil and Gas Regulatory Authority) have recommended an increase of Rs 4.16/Litre in the price of petrol, Rs 4.29/Litre in the price of High-Speed Diesel (HSD), Rs 16.71/litre in the price of Kerosene oil and Rs 12.53/Litre in the price of Light Diesel Oil (LDO), with effect from February 1, 2017.
During the press conference, the minister highlighted, in order to maintain stability, prices have been maintained since April 2016 despite an increase of around 43pc in international oil prices during 2016. He said that the government has been absorbing the negative financial impacts due to the government’s decisions to not pass on price increases to the end consumers.
