PM rejects proposed increase in oil prices up to Rs 16.79 per liter
News Report
Prime Minister on Monday turned down a proposal of oil regulator to increase prices of petroleum products up to Rs. 16.79 per liter effective from February 1, 2022. The Finance Ministry says the Premier decided to keep oil prices unchanged to provide relief to the consumers.
The government has maintained a price of petrol 147.83 per liter, high-speed diesel (HSD) Rs 144.62, kerosene oil Rs 116.48 per liter, and light diesel oil (LDO) Rs 114 54.
Finance Ministry in a statement said that despite revenue losses due to rising petroleum prices globally, the Prime Minister of Pakistan has deferred the proposal by OGRA to increase up to Rs. 16.79/Litre in the petroleum product prices.
According to notification, the prime minister desired that petroleum product prices shall remain the same from 1st February 2022 as notified earlier on 15th January 2022 for providing maximum relief to the general public.
Meanwhile, a statement issued by the Prime Minister’s office stated that the in the public interest Prime Minister had rejected the summary sent by the Ministry of Energy which had recommended an increase of Rs 11 per liter in the price of Petrol and Rs 14 in High-Speed Diesel.
The Prime Minister said that oil prices were rising due to rising inflation all over the world but the government would do its utmost to save the people of Pakistan from the effects of inflation. The Prime Minister has further desired to keep the prices at the same level through adjustments in Sales Tax if required.
Therefore, the Prime Minister has deferred this summary. At that time, the government will bear the burden of these rising prices and will try to save the people from the additional burden.
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High-Speed diesel is widely used in the transport and agriculture sectors. Kerosene oil is used in remote areas for cooking purposes where LPG is not available. The major user of this fuel is also the army in remote areas of the country like northern parts of Pakistan. LDO is also used in the industry.
