Increase in petrol prices was inevitable: Interim information minister

ISLAMABAD: Pakistan’s interim information minister said  Ali Zafar said an increase in the prices of petroleum products was inevitable,  private news channel reported.

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

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

The new per-litre prices of petrol, diesel, kerosene oil, light diesel, and high-speed diesel are Rs99.50, Rs119.31, Rs87.70, Rs80.91, and Rs105.31 respectively, as per the notification.

This implies a respective price hike of Rs7.54, Rs14.00, Rs3.36, Rs.5.92, and Rs6.55 in petrol, diesel, kerosene oil, light diesel, and high-speed diesel.

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.

OGRA forwarded a summary proposing the aforementioned revision to the Petroleum Division of the Ministry of Energy, sources had said.

Prior to the latest development, the caretaker leadership on June 11 had bumped up the prices by Rs4.26, Rs6.55, and Rs4.46 per litre, respectively, for petrol, diesel, and kerosene oil for the June 12-30 period.

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