Islamabad, January 31, 2014 (PPI-OT): The Finance minister Senator Mohammad Ishaq Dar met with Prime Minister Nawaz Sharif today to discuss the prices of petroleum for the month of February in light of the recommendations made by OGRA.
OGRA had recommended that the price of Petrol be increased by Re 0.71, HOBC by Rs. 4.33, High Speed Diesel by Rs. 1.06 whereas, the Prices of Kerosene oil and Light Diesel Oil be reduced by Rs. 1.24 and Rs. 1.02 respectively as per chart given below.
Product Present price New Prices w.e.f. 1-1-2014 w.e.f. 1-2-2014 Ms (Petrol) 112.76 112.76 HOBC 141.23 141.23 Kerosene 108.00 106.76 High Speed Diesel (HSD) 116.75 116.75 Light Diesel Oil (LDO) 101.24 100.22
In view of the decision of the Prime Minister to maintain the current prices of petrol, HOBC, HSD and pass over the reduction in prices of kerosene and light diesel oil to the common man, it was decided that whereas the prices of Kerosene oil be reduced by Rs. 1.24 and light Diesel oil by Rs. 1.02, as compared to their prices in January, the prices of Petrol, HOBC and High Speed Diesel will remain unchanged and would be the same as in January 2014.
The Finance Minister Senator Mohammad Ishaq Dar said that in order to maintain the current prices of Petrol, HOBC and HSD the Government will have to bear a subsidy of approximately Rs. I billion.
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Haji Ahmed Malik
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