Govt to bear Rs 8.5bln expenses to keep oil prices unchanged in June

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ISLAMABAD, May 31 (APP): Finance Minister, Senator Muhammad Ishaq Dar said Tuesday that the government would bear expenses of Rs 8.5 billion to keep the prices of petroleum products unchanged in June, to provide relief to the people during holy month of Ramzan.

The prices of petrol would remain same at Rs 64.27 per liter,
HOBC Rs 72.69 per liter, Kerosene Rs 43.25 per liter, High Speed Diesel Rs 72.52 per liter and Light Speed Diesel Oil Rs 37.97 per liter.

Addressing a press conference here Tuesday, the minister said that the per barrel price of petroleum products had increased in the international market, however for providing relief to people during the holy month, the prices would not be changed.

He said that it was the vision of Prime Minister to provide
relief to the people adding that the government would have to bear the expenses of Rs 8.5 billion to keep prices unchanged.

The minister said that the Oil and Gas Regulatory Authority
(OGRA) had submitted a summary to the finance division, proposing increase in prices of various petroleum products.
According to OGRA summary, the prices of petrol were suggested to be increased by Rs 0.85 per liter, HOBC by Rs 2.18, Kerosene by Rs 3.97, High Speed Diesel by Rs 6.69 and Light Diesel Oil by Rs 4.47 per liter.

He said that the OGRA fixed the prices after calculation in
accordance with the prices in international market.
The government,however decided not to pass on the increase of oil prices in international market to people at domestic level.

He said that the increase in petroleum products led to hike
in the price of other commodities which would be burden on the people.