Govt hikes petrol price by Rs1.77 per litre

ISLAMABAD: The federal government on Sunday has revised the prices of petroleum products for the next fortnight. 

Addressing a news conference in Islamabad on Sunday evening, Finance Minister Ishaq Dar said that the price of petrol will be increased by Rs1.77 per litre and high-speed diesel oil by Rs2 per litre.

He said that the prices of light diesel oil and kerosene will remain intact from tomorrow till 31st of this month.

He said the government treasury will bear the burden of 2.75 billion rupees as a subsidy for this period on petroleum products.

The Finance Minister said that OGRA had proposed 14 rupees and 31 paisa increase in kerosene oil, 10 rupees and 11 paisa increase in light diesel oil, 3 rupees and 94 paisa increase in high-speed diesel oil and 1 rupee and 77 paisa increase in petrol. 

Ishaq Dar said that the Prime Minister has directed to provide maximum relief to the general public.  He said the prices of petrol and high-speed diesel oil have been increased due to 43 percent increase in prices of crude oil and petroleum products at the international market.

He said the government kept the prices of the petroleum products stable since April last year. He said the increase at the international level has been absorbed by the government.