PM Shehbaz rejects proposal to hike petrol price

Prime Minister Shehbaz Sharif has rejected the Oil and Gas Regulatory Authority’s (OGRA) proposal to hike the prices of petroleum products in the country, sources said.

According to governmental sources, there will be no addition or omission in the prices of petroleum products as of now, adding that the premier has maintained that the government will bear the burden of the hike in the prices of petroleum products itself instead of shifting it to the masses.

An official announcement regarding the decision will be made soon, sources said.

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Earlier, the OGRA had sent a proposal to the Finance Divison to increase the price of petrol by Rs. 21.50 and diesel by Rs. 51.30 (based on present petroleum levy and GST).

On February 28, former prime minister Imran Khan announced a reduction of Rs. 10 per litre in petrol and diesel prices and a price freeze till the announcement of the budget for 2022-23.

According to the proposal, the OGRA had suggested an increase of Rs. 83.50 per litre of petrol and Rs. 119.88 per litre of diesel (based on the federal government’s advised petroleum levy of Rs. 30 and 17% GST).

It is worth mentioning that currently, the petrol price in Pakistan is Rs. 149.86 while diesel is available at Rs. 144.15, with zero percent levy and GST.

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