ISLAMABAD - Prime Minister Nawaz Sharif has rejected a summary for the increase in the prices of petroleum products and directed Finance Minister Ishaq Dar to grant subsidy to maintain the prices at existing level.
The OGRA had proposed the increase with effect from June 1st.
The finance minister on Saturday briefed the prime minister on cumulative reduction in POL prices during the last three months and informed that the economic policies, stabilisation of the value of rupee and increase in the foreign exchange reserves has already resulted in reduction of POL prices in the country.
He further informed the prime minister that the OGRA has suggested increase in prices of petrol, HSD, LSD and HOBC and decrease in price of kerosene oil for the next month.
The prime minister directed that the prices of the petroleum products should be kept at the same level and the decrease in price of kerosene oil would be passed on to the consumers.
However, the premier said that the government would give Rs 1.78 billion subsidy for maintaining the prices of petroleum at the existing level.
So the prices of the petroleum products would remain the same, a spokesman of the Prime Minister's Office informed. The price of light diesel will remain Rs 94.13 per litre, high speed diesel Rs 107.34 per litre, petrol Rs 107.97/ltr and high octane Rs 134.63 per litre.
However, kerosene oil would be reduced by Re 0.67 per litre.