The Economic Coordination Committee of the federal cabinet, under the chairmanship of new Adviser to the Prime Minister on Finance Dr. Abdul Hafeez Shaikh, on Friday (May 3) approved an increase Rs9 per litre in the price of petrol after the prime minister asked it to revise a proposal by the Oil and Gas Regulatory Authority (OGRA) to raise petrol prices by over 14 per cent. It will be sold at Rs108 per litre after approval of the federal government on Tuesday.
The ECC has approved an increase of Rs4.89 in the price of diesel. The Oil and Gas Regulatory Authority had recommended a Rs14 increase in the price of petrol. As per details, OGRA demanded an increase of Rs14.37 per litre in motor spirit (MS), Rs4.39 per litre high speed diesel (HSD), Rs7.45 kerosene oil and Rs6.40 light diesel oil (LDO).
The prices of petrol and diesel are already at their highest level since the Pakistan Tehreek-e-Insaf government came into power after the party won general elections in July 2018. Last month, the government increased the per litre price of petrol and high-speed diesel by Rs6 to Rs98.89 and Rs117.43 respectively, and of light speed diesel and kerosene oil by Rs3 to Rs80.54 and Rs89.31 per litre respectively.
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