FRIDAY APRIL 01: Oil prices raised up to 13 percent

April 04, 2011

RECORDER REPORT

0 Comments

The government on Thursday increased oil prices up to 13 percent in line with global oil prices effective today (Friday). The price of High Speed Diesel (HSD) has been increased by Rs 10.67 per litre, petrol Rs 6.98 per litre, HOBC Rs 7.16 per litre kerosene oil Rs 9.65 per litre and Light Diesel Oil (LDO) by Rs 9.07 per litre. The increase in petrol price is 9.1 percent, HOBC 7.9 percent and kerosene oil, HSD and LDO 13 percent each.

The new price of petroleum products will stand at; HSD Rs 92.89 per litre, kerosene oil Rs 84.10 per litre, LDO Rs 78.98 per litre and petrol 83.56 per litre. Sources said the government had given Rs 35 billion subsidy during last five months on petroleum products and Rs 10 billion will also be given during April despite increase in petroleum prices.

The meeting at the prime minister secretariat continued late Thursday night to take a decision on oil prices. Sources said the finance ministry officials had insisted on hike in oil prices in line with global oil prices to control the budget deficit. According to sources, Prime Minister Yousuf Raza Gilani had contacted the leadership of Muttahida Qaumi Movement (MQM) to take it into confidence over the proposed hike but MQM strongly opposed any move to this effect.