Govt raises petrol price by Rs5.40 per litre

The price of high-speed diesel has been hiked by Rs2.54 per litre

ISLAMABAD: The federal government increased the prices of petrol by Rs5.40 per litre and that of high-speed diesel (HSD) by Rs2.54 per litre, Special Assistant to Prime Minister on Political Communication Shahbaz Gill said on Thursday.

Taking to Twitter, the Special Assistant said, “Prime Minister [Imran Khan] went against OGRA’s recommendation and approved Rs5.40 increase in petrol price keeping in mind public interest.”

“The price of high-speed diesel has been hiked by Rs2.54 per litre, kerosene oil Rs1.39 per litre, and light diesel oil Rs1.27,” he said, adding that the government would now bear the burden in a bid to provide “maximum relief to the people”.

The Oil and Gas Regulatory Authority (OGRA) had recommended an increase of Rs11.40 per litre petrol price in petrol price. It has been proposed that the effects of rising prices of petroleum products in the global market should be extended to the local market.

The potential increase in petroleum prices comes at a time when the consumption of petroleum products in the power sector has declined 43 percent and the demand and supply gap between gas production and consumption is likely widen further in the next decade.