Ogra has submitted a summary to increase fuel prices up to Rs 68.87 per liter and it is recommended to increase the price of petrol by Rs 55.78, high speed diesel by Rs 68.87 per liter, kerosene oil at Rs 37.82 per liter and light diesel at Rs 40. 0.24 per liter.
Prime Minister Imran Khan, in order to provide relief to the masses, rejected the fuel hike and the government would bear the hike through a subsidy of Rs 33 billion. The total loss in terms of subsidies and revenue will be Rs 63 billion.
It is pertinent to mention here that the federal government has maintained the prices of petroleum products for the next 15 days of April following Prime Minister Imran Khan’s decision on February 28.
According to the notification issued by the Ministry of Finance, the price of petrol remained at Rs 149.86 per liter, high speed diesel (HSD) at Rs 144.15, kerosene at Rs 125.56 and light diesel at Rs 118.31.
The previous fuel prices will remain in effect from April 1 to 15. The notification said that the federal government will bear the financial burden of Rs 33 billion for maintaining the previous POL prices.
On February 28, Prime Minister Imran Khan announced a massive reduction in petrol and diesel prices by up to Rs 10 per litre, besides reducing electricity tariff by up to Rs 5 per unit.
He had presented a relief package for the nationals that included reduction in oil prices, electricity tariff, tax exemptions for the IT sector and others.
