Petrol, Diesel prices up by Re 1/litre

DUBAI - The federal government has revised petroleum prices and announced to raise prices of Petrol and Diesel by one rupee per litre, here on Friday.

Addressing a press conference, finance minister Ishaq Dar expressed that the prices of kerosene oil and light diesel oil would remain unchanged.

'The government would absorb an additional burden of Rs.3 billion for the month of April for not transferring the full impact of the prices of petrol and diesel to consumers' said Ishaq Dar.

He maintained that the government was trying to increase petroleum prices by minimum possible amount.

Earlier, the Oil and Gas Regulatory Authority (Ogra) had sent its summary to the Finance Ministry for approval, seeking increase of Rs. 2 per litre in prices of petrol and diesel respectively while Rs. 13 per litre hike in prices of kerosene oil.

With the increased prices, Petrol would be sold at Rs. 74 per litre and Diesel at Rs. 84.