Govt refrains from hiking petroleum prices

ISLAMABAD: On the last day in power, the government has refrained from a massive hike in the price of petroleum products.

Finance Minister Miftah Ismail said that the prime minister, on the recommendation of the ministry has decided to leave the prices of petroleum products unchanged till June 7.

He said that the incoming caretaker government can decide new prices of petroleum products.

“Since our govt ends today, and new prices of Petrol, Diesel and Kerosene Oil go in effect from tomorrow, therefore on Min of Finance’s recommendation the Prime Minister has decided to leave their prices unchanged till June 7, so that the incoming govt can decide new prices,” said Ismail in a statement.

Since our govt ends today, and new prices of Petrol, Diesel and Kerosene Oil go in effect from tomorrow, therefore on Min of Finance’s recommendation the Prime Minister has decided to leave their prices unchanged till June 7, so that the incoming govt can decide new prices.

— Miftah Ismail (@MiftahIsmail) May 31, 2018

The Oil and Gas Regulatory Authority had recommended an increase of up to 17 percent in price of petroleum products with effect from June 1. The regulator has forwarded a summary to the Ministry of Energy (Petroleum Division) on Wednesday recommending or a massive hike in prices

An upward revision of Rs 8.37 per liter in petrol price and Rs 12.50 per liter in high-speed diesel rate was proposed by the regulatory authority. Whereas, the prices of light-diesel oil and kerosene oil were recommended to rise by Rs 11.65 and Rs 8.23 respectively.