LAHORE: Finance Minister Ishaq Dar on Wednesday announced Rs 2 increase in petrol prices, a private TV channel reported.
“Oil and Gas Regulatory Authority (OGRA) had proposed an increase of Rs 6.24 in the price of petrol, however, the price will only be increased by Rs 2,” Dar told reporters in Islamabad.
“The government will bear the remaining expense of Rs 4 billion,” he added.
The minister also announced that prices of kerosene oil and light diesel will remain unchanged.
“Prices of petroleum products were not increased in the last seven months and federal government has again decided not increase the prices of kerosene oil and light diesel,” he said.
Talking about smuggling of currency and gold, Dar said action would be taken against those involved.
OGRA had earlier proposed that the prices of all petroleum products (except LDO) had gone up in the international market in November and needed to be passed on to the consumers in December.
In its working paper, OGRA based on existing high tax rates calculated 6.2pc increase in the price of petrol, 7.5pc in high-speed diesel, 6.5pc in kerosene and 9.4pc in the price of HOBC.
OGRA had forwarded its working paper to government on the basis of existing tax rates under instructions from Finance Minister Ishaq Dar.
