Prime Minister Imran Khan has rejected an Oil and Gas Regulatory Authority (OGRA) summary to raise petrol prices by up to Rs11.53 per litre from November 1.
According to a notification issued by the Prime Minister’s House “the decision has been taken in the national interest and to provide relief to the public.”
“The government is prioritising relief for the citizens instead of passing on the impact of global inflationary pressures,” said the notification.
“The additional burden of higher prices, as suggested by OGRA, which would have been transferred to the citizenry, will instead be borne by the government,” it added.
October 16, the government had increased petrol prices by Rs10.49 per liter and high-speed diesel by Rs12.44.
There were speculations that the government might raise petrol prices by up to Rs6.5 per litre and diesel may go up by Rs8.
The statement from PM House said OGRA had in fact suggested a Rs11.53 increase in the per litre price of petrol, Rs8.49 increase in the price of high-speed diesel, Rs6.29 hike in the price of kerosene oil, and Rs5.72 increase in the price of light diesel.
Fluctuations in POL prices in the country depend on adjustments to taxes, fluctuations in oil prices in the international market and the rupee/dollar exchange rate.
Keeping in view the rise in oil prices in the global market and the dollar’s value till October 26, the government was advised to increase prices of petroleum products.
The price of petrol will remain at Rs137.79 per litre for the next fortnight.
