New government keeps petroleum prices unchanged

New government keeps petroleum prices unchanged

ISLAMABAD: The new government – formed by leading political parties – on Friday decided to keep the prices of petroleum products unchanged for next fortnight.

The previous PTI government had decided to freeze the price of petrol at Rs150 per liter till June 30, 2022.

Prime Minister Muhammad Shehbaz Sharif has rejected the Oil and Gas Regulatory Authority’s (OGRA) proposal to hike prices of petroleum products in the country.

READ MORE: Pakistan cuts petroleum prices amid Russia-Ukraine War

It was announced by the Prime Minister while addressing an Iftar Dinner at Prime Minister House in Islamabad on Friday tonight.

The previous government on February 28, 2022 decided to reduce the prices of petroleum products despite the high international oil prices in the wake of Russia-Ukraine war.

The finance division had issued the notification to cut the prices of petrol and diesel by Rs10 per liter each from March 01, 2022.

READ MORE: Pakistan raises petrol price to record high at Rs160/liter

According to a statement issued by the finance division, the global prices of petroleum products are tracking the Ukraine-Russia war and resultantly surged to $100 per barrel. “The unprecedented increase is very risky for the domestic fuel prices and inflation,” it added.

The situation leaves very few options for the government, it said, adding that prior to review on February 28, 2022, the government had left more than Rs70 billion per month to keep the prices lower and providing relief to the masses.

READ MORE; Petroleum prices kept unchanged for next fortnight

In the fortnightly review on February 28, 2022, the Oil and Gas Regulatory Authority (OGRA) recommended Rs10 per liter increase in the prices of petroleum products.

According to the statement the new prices of the petroleum products effective from March 01, 2022 are:

The price of petrol slashed by Rs10 to Rs149.86 per liter from Rs159.86.

The rate of high speed diesel has been reduced by Rs10 to Rs144.15 per liter from Rs154.15.

The price of kerosene oil has been brought down by Re1 to Rs125.56 per liter from Rs126.56.

Similarly, the rate of light diesel oil has been slashed by Rs5.66 to Rs118.31 per liter from Rs123.97.

READ MORE: Pakistan’s petrol price rises to record high at Rs147.83

While retaining the prices at current level, Shahbaz Sharif said the government will bear burden of increase in prices of petroleum products itself instead of shifting it to the masses.

He said that the Prime Minister Office will now be working as Pakistan House where officers from across the country will serve.

The prime minister said consultation is underway over formation of federal cabinet and it will soon be fianlized.

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