Fourth raise in oil prices in 60 days

ISLAMABAD - The prices of petroleum products have been raised by Rs 3 per litre on Wednesday, though the newer prices were made effective at 12:00 midnight. The prices now stand at Rs 68.90 per litre for petrol and Rs 50.24 for diesel.
These newer prices come after Oil and Gas Regulatory Authority sent a recommendation to the Finance Ministry to increase the price of petrol by Rs 3 to 3.5 and diesel by Rs 8.
Furthermore, just like the last time the prices were increased, there has been no upward revision in the rate of kerosene oil, keeping in view the susceptibility of the rural poor to changes in its rates. The government is in a fix over petrol prices, with the international market for crude oil having shot to a record high of $120 per barrel.
Newsdesk adds: Federal Finance Minister Ishaq Dar confirmed raise in petrol and diesel prices. Talking to Nawa-i-Waqt late Wednesday night, he said that OGRA had sent a summery for Rs 8 litre increase, but he did not agree to it asking for reduction in the hike.
The approval of Prime Minister Yousuf Raza Gillani came at 11:30 late night regarding the increase and it was put in force. Ishaq Dar maintained that no increase in Kerosene oil price had been made so that the burden might not come on the poor.