ISLAMABAD: The federal government has announced to keep oil prices unchanged for the month of November.
Prime Minister Nawaz Sharif has turned down the summary of the Oil and Gas Regulatory Authority (OGRA), which proposed to increase the oil prices up to 15 percent for November, Federal Finance Minister Ishaq Dar said, while addressing a press conference. He said that the government would bear the financial burden of Rs 4 billion by keeping petroleum products prices unchanged.
He said that Standard and Poor’s has improved Pakistan’s long-term credit rating from B-to B with stable outlook, which is positive sign for the country. He said that the federal cabinet is expected to grant approval for ratification of the Organisation for Economic Cooperation and Development (OECD) convention today (Tuesday), after which the instrument of ratification will be issued with approval of President Mamnoon Hussain and will subsequently be deposited with the OECD.
“The overall impact of keeping oil prices unchanged since April this year is around Rs12 billion,” he said.
While sharing details, the minister said that OGRA has recommended enhancing petrol price by Rs2.29 to Rs66.56 per litre. Kerosene oil price was proposed to increase by Rs6.57 to Rs50 per litre. Similarly, it worked out ex-depot sale price of light diesel oil (LDO) at Rs49.74 per litre instead of Rs43.35 per litre, up Rs6.40 per litre or 14.76pc. The OGRA has also estimated the sale price of High speed Diesel (HSD) to go up by Rs2 per litre to Rs74.52 instead of Rs72.52 per litre. It has asked to increase HOBC price by Rs9.82 to Rs82.5 per litre.
