Petrol price hiked by Rs 3.50 per litre

ISLAMABAD (Staff Report) - Federal Minister for Finance Ishaq Dar on Sunday announced a price hike of rupees 3.50 per litre in the price of petrol while saying "the new price will be effective from June 1.

The minister, while addressing a press briefing, said that Prime Minister Nawaz Sharif has announced a Rs 60 million subsidy to support the petroleum consumers as the prices have not been increased as per demanded by Oil and Gas Regulatory Authority (OGRA). OGRA had recommended a price hike up to rupees 13 per litre but the premier decided to share the burden with his people, he added.

He told the reporters that after introduction of this increment in petroleum prices the High Octane will be available at Rs 83.81, Light Diesel atRs61.67, Petrol at Rs 77.79, Heavy Speed Diesel at Rs 87.12 and Kerosine oil at Rs 64.94.

Earlier OGRA had requested the federal government to increase the petrol price by Rs 6.19 per litre while diesel price to rise by Rs 7.91. According to OGRA’s recommendations the price of HOBC was asked to increase by Rs 13.62 per litre.