The Economic Coordination Committee of the federal cabinet has 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 percent.
In its summary sent to the finance ministry earlier this week, OGRA had recommended an increase of Rs14.37 in the per litre price of petrol. OGRA also recommended an increase of Rs4.89 per litre in the price of high-speed diesel. Sources said the body had recommended a price hike of Rs7.46 per litre in kerosene oil and Rs6.40 per litre in light diesel oil prices.
However, in a cabinet meeting on Tuesday, the government had decided to delay the decision and refer the matter to the ECC. According to reports, the prime minister had disagreed with the OGRA proposal to raise POL prices, urging that the burden of increase in international prices of oil not be transferred to the public.
In its meeting today, the ECC approved a Rs9 per litre increase in the price of petrol, and a Rs5 per litre in the price of diesel. The increase, if approved by the prime minister, would take the per litre price of petrol to Rs108.
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.
