Finance Minister Ishaq Dar on Sunday announced an increase in the prices of petroleum products by upto Rs3.51 for the month of June.
“We have increased the prices of petrol by Rs3.5 per litre despite receiving a summary from Oil and Gas Regulatory Authority (OGRA) to raise the petrol prices by Rs6.19”, he said while addressing a press conference in Islamabad.
The prices, he added, will come into effect at 12 midnight, Radio Pakistan reported.
With the increase of Rs3.50 in petrol price, the new price of the commodity will be Rs77.79 per litre.
Price of High Speed Diesel will be Rs87.12 with the increase of 3.51 rupees while kerosene oil will be Rs64.94 per litre with the increase of Rs3.50.
“New price of High Octane will be Rs83.81 and that of Light Diesel Oil Rs61.51 per litre”.
Earlier on Thursday, sources in the petroleum ministry revealed that it had received a summary from Ogra on Thursday which suggested up to 16% increase in oil prices following fluctuations in global markets.
However, petroleum ministry officials said the regulatory authority has proposed to not pass on the increase in oil prices. They added Ogra had recommended absorbing the rise in petroleum levy.