ISLAMABAD (92 News) – The Economic Coordination Committee (ECC) has approved to fix the petrol price at Rs108 per liter.
The meeting was presided over by Finance Adviser Hafeez Shaikh. The Oil and Gas Regulatory Authority (OGRA) had recommended an increase of Rs14per liter.
Prime Minister Imran Khan had sent the matter of increase in the prices of the POL products.
Moreover, the ECC has increased the diesel price by Rs4.89 per liter.
Sources said that the government would give Rs5 billion as subsidy.
OGRA recommends Rs14 per litre increase in petrol prices
On April 29, the Oil and Gas Regulatory Authority (OGRA) recommended Rs14.37 per litre hike in the price of petrol from May 1.
According to the reports, the OGRA has moved summary of increasing petroleum product prices to the petroleum division.
In its summary, OGRA has suggested Rs4.89 per litre increase in diesel prices, Rs7.46 per litre in kerosene oil and Rs6.40 per litre hike in Light diesel prices.
On the recommendations, the final decision would be made by the Finance Ministry with the consultation of Prime Minister Imran Khan.
OGRA recommends reduction of petrol prices
On Jan 31, OGRA recommended 50 paisa decrease for high-speed petrol. As per details garnered, Fuel prices likely to decrease if the Ministry of Finance approves the new summary of the OGRA. The OGRA has recommended a Rs4 decrease in the price of high-speed diesel, 50 paisa decrease for high-speed petrol and Rs2 for kerosene oil.
Meanwhile, the OGRA suggested an increase of Rs1 in the price of light diesel.
The finance ministry will take a decision on the summary after approval from Prime Minister Imran Khan today (on Thursday). The new price will be implemented from February 1, 2019.
