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PM rejects oil price increase

ISLAMABAD: Prime Minister Nawaz Sharif has rejected a summary which recommended an increase in prices of petroleum products, ARY News reports.

The Oil and Gas Regulatory Authority (Ogra) had suggested the increase in oil prices. The reason for this increase in prices was depreciation in the value of rupee against dollar. It should be noted that there is a decline in international oil prices.

By start of November the US dollar was Rs105 but now it had hiked up to Rs.108.46, Ogra said.

The price of kerosene, HOBC, petrol, was to go up and the price of light diesel oil was expected to be reduced by 85 paisa per litre but since prime minister had rejected the summary the prices will remain the same.

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