Govt rejects emergency summary seeking increase in prices of POL products

ISLAMABAD (92 News) - The government rejected an emergency summary seeking an increase in the prices of POL products.

The decision was made during a meeting of the federal cabinet on Friday. The cabinet left the matter of increasing the prices of POL products to the new government.

The Petroleum Division had sent the summary to the cabinet, recommending an increase of up to Rs35 per litre in the prices of POL products.

According to the summary, the oil companies are facing financial crisis due to the Price Differential Claim (PDC). It recommended an increase of Rs 27 per litre in petrol and Rs 35 in high-speed diesel.

The summary stated there will be an acute shortage of petrol if the POL products were not immediately increased. The government will have to give the subsidy of Rs 136 billion till June 30 if the prices are maintained.

The Petroleum Division also recommended that GST and Petroleum Levy on the POL products should be kept at the zero level.