Petrol, diesel get dearer by Re1 per litre each

Dar says Rs97 bn loss being borne by the government

DUBAI: The federal government has raised petrol and diesel prices by one rupee per litre each. 

This was announced by Finance Minister Ishaq Dar in a press conference held in Dubai. Pakistan and the IMF talks have been going on for the last three days in a local hotel of Dubai. While addressing the media, Ishaq Dar said the prices of kerosene and light diesel oil would remain unchanged.

The finance minister said, “The government would absorb an additional burden of Rs3 billion for the month of April by not transferring the full impact of the prices of petrol and diesel to consumers.”

Dar said the government had been passing on the price impact partially to the consumers and loss of revenue on this account had reached around Rs97 billion during the current financial year. He maintained that the government was trying to increase the petroleum prices by minimum possible amount.

Earlier, the Oil and Gas Regulatory Authority (Ogra) had sent its summary to the Finance Ministry for approval, seeking an increase of Rs2.28 per litre and Rs2.04 per litre in prices of petrol and diesel respectively while Rs13.76 per litre hike in prices of kerosene and Rs7.75 per litre increase in light diesel. With the increased prices, petrol would be sold at Rs74 per litre and diesel at Rs84 per litre.