ISLAMABAD – Prime Minister Muhammad Nawaz Sharif has turned down an increase in fuel prices proposed by the Oil and Gas Regulatory Authority (OGRA), allowing the prices of crude oil products to remain unchanged in the month of August 2016, Minister for Finance Muhammad Ishaq Dar announced on Saturday.

“The OGRA had presented a summary to the Prime Minister proposing the increase of oil prices by four to nine per cent which was rejected by the Prime Minister,” he explained.

He said the government would have to absorb the financial burden of around Rs 2 billion to maintain fuel prices at their current rates after the Prime Minister had decided not to place an additional burden on consumers.

The minister said that OGRA had proposed to increase the cost of Petrol by Rs 2.12, the price of High-Speed Diesel by Rs 0.26, the price of Kerosene Oil by Rs 3.94 and the price of High Octane Blended Component (HOBC) by Rs 0.60. OGRA had also proposed to reduce the price of Light Diesel Oil by Rs 1.24.

He said for August 2016, the price of Petrol would be kept unchanged at Rs 64.27 per liter, HSD at Rs 72.52, Kerosene Oil at Rs 43.25, HOBC at Rs 72.68 and Light Diesel Oil at Rs 43.35.

The minister also dismissed the impression that the current government had imposed extra duties on petroleum products.