ISLAMABAD – Dr. Firdaus Ashiq Awan, Special Advisor to Prime Minister forInformation and Broadcasting, has informed the media in a press conferencethat the PM has rejected Oil and Gas Regulatory Authority’s (OGRA)recommendation to increase the prices of petroleum products. The decisionwas taken after a federal cabinet meeting.
According to sources, OGRA had proposed a price hike of Rs. 14.37 in theprice of petrol starting from 1st May and a summary in this regard had beensent to the petroleum division.
In the summary, OGRA had proposed that diesel prices be increased by Rs.4.89, Kerosene oil by Rs. 7.46 and Light Diesel by Rs. 6.40 per literrespectively. This proposal was put in front of the federal cabinet meetingand the PM has rejected the hike.
The price hike was suggested after the increase in the international priceof Crude oil after the US placed sanctions on Iran and forced the rise inprices. As Pakistan is a predominantly oil importing country, risinginternational prices will dent the struggling Pakistani economy. PrimeMinister has already asked the ECC to look at the petroleum product pricetrend in this regard to help the country navigate through this tensesituation.
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