Price of petrol raised to Rs 73, diesel to Rs 82 per liter: Ishaq

ISLAMABAD: Minister for Finance Ishaq Dar Tuesday announced to increase price of petrol by Rs 1.71, from Rs 71.29 to Rs 73 per litre and price of high speed diesel by Rs 1.52 from Rs 80.48 to Rs 82 per liter.

While speaking to mediamen here, he said the rates for kerosene oil and light diesel oil were also rounded off from Rs 43.25 to Rs 44 and of light diesel oil from Rs 43.34 to Rs44.

He said the government will bear burden of Rs three billion as subsidy for not passing on the increase in international prices to the consumers.

The prices of petroleum prices have been rising for the last seven months in the international market, he added.

Ishaq said he discussed the matter of petroleum prices with the Prime Minister and announced the increase after receiving a summary from Oil and Gas Regulatory Authority (OGRA).

The announcement comes a day after Oil and Gas Regulatory Authority (OGRA) submitted a proposal to the Ministry of Petroleum and Natural Resources asking for an increase in the prices of petroleum products.

OGRA had proposed a revision of Rs 17.55 and Rs 10.94 in the prices of kerosene oil and light diesel oil respectively. It also requested for an additional increase of Rs 2.96 per litre and Rs 2.18 per litre in the price of petrol and high speed diesel respectively.

The new rates will be effective for the month of March, and will be applied from March 1, he added.