Islamabad - The government on Friday announced reduction in prices of kerosene oil by Rs 1.24 and light diesel oil by Rs 1.02 for February, as compared to their prices in January. However, the prices of petrol, HOBC, and high-speed diesel (HSD) will be maintained at current level, said a statement of Finance Ministry.
The step has been taken as a follow-up of the decision by the Prime Minister to pass on the reduction in prices of kerosene and light diesel oils to the masses, and maintain the current prices of petrol, HOBC and HSD.
Finance Minister Mohammad Ishaq Dar met Prime Minister Nawaz Sharif on Friday and discussed the prices of petroleum for the month of February, in light of the recommendations made by Oil and Gas Regulatory Authority (OGRA). OGRA had recommended that the price of petrol be increased by Rs 0.71, HOBC by Rs 4.33, high-speed diesel by Rs 1.06, whereas the prices of kerosene oil and light diesel oil be reduced by Rs 1.24 and Rs 1.02 respectively.
Ishaq Dar said that in order to maintain the current prices of petrol, HOBC and HSD the government would have to bear a subsidy of approximately Rs 1 billion.