Government increases petrol price by Rs5

ISLAMABAD: The federal government on Wednesday incr­eased the prices of diesel and petrol by Rs5 and Rs6.37 per litre, respectively, for the month of November.

“The government has decided to absorb the substantial impact of increase in the prices of petroleum products and only partially pass on the increase to the consumers for the month of November. The decision has been taken to minimize the burden on the public at large,” reads a statement issued by finance ministry.

The statement says that the Oil and Gas Regulatory Authority (OGRA) had recommended an increase of Rs9.02 per litre in the price of petrol but an increase of Rs5 has been allowed by the government. Likewise as against the recommended increase of Rs13.22 per liter in the price of High Speed Diesel (HSD), an increase of Rs. 6.37 has been approved. For Kerosene Oil (SKO),  the recommended increase was Rs6.47 per litre but the government allowed an increase of Rs.3.0per litre only. As for Light Diesel Oil (LDO), the recommended increase of Rs6.48 has been approved as the tax/levy on this product is already quite negligible.

The new price of petrol is Rs97.83 per litre, diesel Rs112.94 and kerosene oil Rs86.50 per litre while the The new price for light diesel is Rs82.84 per litre.

The new prices will take effect from 12 am on Thursday.