PM Imran Khan responds over OGRA summary of increase in petroleum prices
Shares
ISLAMABAD - Dr. Firdaus Ashiq Awan, Special Advisor to Prime Minister for Information and Broadcasting, has informed the media in a press conference that the PM has rejected Oil and Gas Regulatory Authority’s (OGRA) recommendation to increase the prices of petroleum products. The decision was taken after a federal cabinet meeting.
According to sources, OGRA had proposed a price hike of Rs. 14.37 in the price of petrol starting from 1st May and a summary in this regard had been sent 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 liter respectively. This proposal was put in front of the federal cabinet meeting and the PM has rejected the hike.
The price hike was suggested after the increase in the international price of Crude oil after the US placed sanctions on Iran and forced the rise in prices. As Pakistan is a predominantly oil importing country, rising international prices will dent the struggling Pakistani economy. Prime Minister has already asked the ECC to look at the petroleum product price trend in this regard to help the country navigate through this tense situation.
During the cabinet meeting, it was decided that the government would audit the ever-growing circular debt which has now crossed the Rs. 1300 billion mark and shows no sign of abating.
