POL prices will remain unchanged in July: PM Nawaz

ISLAMABAD: Prime Minister Nawaz Sharif on Tuesday rejected the recommendation to increase POL prices in the month of July.

Addressing the ground breaking ceremony of the signal-free Islamabad Highway, Prime Minister Sharif said that despite oil prices being raised in the international market they would remain unchanged in Pakistan.

According to the prime minister, the government would have to pay Rs2.5 billion subsidy by not raising the POL prices.

On Monday, the Oil and Gas Regulatory Authority (OGRA) sent a summary to the Ministry of Petroleum advising to revise prices of petroleum products for the month of July.

According to the summary OGRA advised increasing the price of petrol by Rs. 4.26 per liter, while it advised decreasing the price of diesel by 60 paisas per liter. The price of HOBC was expected to increase by Rs. 7.30 while the price for kerosene oil was expected to increase by 67 paisas.