Govt jacks up petrol price by Rs3.50/ litre

ISLAMABAD: Petrol price has been hiked by Rs3.50 per litre as a result of an upward revision in the rates of petroleum products announced by the government on Sunday. The new prices will be effective from June 1.

Federal Minister for Finance, Ishaq Dar made the announcement at a press conference here according to which the price of petrol was raised by Rs3.50 per litre.

He, however, said that Prime Minister Nawaz Sharif announced a subsidy of Rs60 million for petroleum products in a bid to provide relief to the consumers.

He added that the government has decided not to increase the POL prices as per the recommendation of Oil and Gas Regulatory Authority (OGRA). OGRA had proposed to raise the prices of petroleum prices by up to Rs13 a litre.

Ishaq Dar said that after the upward revision in POL prices, petrol will be available at Rs77.79 per litre; High Speed Diesel at Rs87.12; Light Diesel Rs 61.67; Kerosene Oil Rs64.94 and; High Octane Blending Component (HOBC) at Rs83.81.