ISLAMABAD: (APP) Minister for Finance Ishaq Dar Friday announced to increase prices of petrol and High Speed Diesel (HSD) by Rs 1 per liter each which would be applicable for the month of April 2017.

According to a statement, the price of petrol was being increased from Rs 73 to Rs 74 per liter and HSD from Rs 82 to Rs 83 for the month of April, Ishaq Dar addressing a press conference in Dubai said.

He said the rates for kerosene oil and light diesel oil kept unchanged despite recommendation of hike in price for these commodities by Oil and Gas Regulatory Authority (OGRA).

“Based on hike in petroleum prices in the international market, OGRA recommended the government to increase price of petrol by Rs 2.28 per liter, HSD by Rs 2.04 per liter while the price of Kerosene Oil and Light Diesel Oil was recommended to be increased by Rs 13.76 and Rs 7.73 per liter respectively”, he added.

The minister said the government would bear burden of Rs 3 billion as subsidy during the month for not passing on the increase in international prices to the consumers.

The finance minister is currently on an official visit to Dubai where he would be engaged with the International Monetary Fund (IMF) for Article-4 Consultations.