Finance Minister announced new petroleum prices

Finance Minister announced new petroleum prices

February 15, 2017 | | Share:

Federal Minister for Finance, Senator Mohammad Ishaq Dar here Wednesday announced the prices of petroleum products for the period starting from 16th February 2017 till midnight on 28th February 2017.

He said that OGRA recommended an increase of Rs. 1.91/Litre in the price of MS 92 RON Petrol, Rs. 2.03/Litre in the price of High Speed Diesel (HSD), Rs.16.71/Litre in the price of Kerosene Oil and Rs. 12.53/Litre in the price of Light Diesel Oil (LDO), with effect from 16th February 2017.

The Minister stated that, in line with the Prime Minister's instructions to provide maximum relief to the common man, and keeping in view that Kerosene Oil and LDO is used by the low income segments of the country's population, it has been decided to maintain the prices of Kerosene Oil and LDO at the current level till28th February 2017. This decision has been taken also keeping in view the fact that Kerosene Oil caters to the energy needs of the poor, especially in the winter season. In order to maintain the prices of both Kerosene Oil and LDO at current levels, the government will not only be foregoing all applicable taxes and duties on these petroleum products, but will also continue to subsidize the prices of these products for the consumers, with a subsidy of Rs. 2.00/Litre on Kerosene Oil and Rs. 1.41/Liter on LDO.

The Minister further announced that it has been decided to increase the price of MS 92 RON Petrol and HSD by Rs. 1.00/Litre each. These increases are around half of the increases recommended by OGRA for both MS 92 RON Petrol and HSD.

The Finance Minister highlighted that, in order to maintain stability, prices have been maintained since April 2016 despite an increase of around43% in international oil prices during 2016. He said that the government has been absorbing the negative financial impact due to the government's decisions to not pass onprice increases to the end consumers. He highlighted that, prior to today, only partial increase in the price of MS Petrol and HSD was passed on to the end consumers for the month of December 2016 and for the last one month, compared to OGRA's recommendations.

Source: Ministry of Finance

Category: Technology