PML-N’s departing gift, oil prices to remain unchanged for a week

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LAHORE: In a tweet on Thursday, the outgoing Finance Minister Miftah Ismail informed that recent changes in oil prices will not go into effect till June 7, 2018, and will be decided by the caretaker government.

The tweet read, “Since our government ends today, and new prices of Petrol, Deisel and Kerosene Oil go in effect from tomorrow, therefore on Ministry of Finance’s recommendation the Prime Minister has decided to leave their prices unchanged till June 7, so that the incoming government can decide new prices.”

Earlier, in a summary moved to the government, the Oil and Gas Regulatory Authority (OGRA) recommended a Rs12.50 and Rs8.37 per litre increase in the prices of high-speed diesel and petrol, respectively, to be applicable from June 1, 2018.

The regulator had forwarded a summary to the Ministry of Energy (Petroleum Division) on Wednesday with recommendations for a massive hike, approximately 17 per cent, in prices of all petroleum products.

An upward revision of Rs8.37 per litre in petrol price and Rs12.50 per litre in high-speed diesel rate was proposed by the regulatory authority. Meanwhile, prices of light-diesel oil and kerosene oil were recommended to go up by Rs11.65 and Rs8.23 respectively.