The Government has announced a hike of up to Rs 5 per liter in the prices of oil products for November.
Oil and Gas Regulatory Authority (OGRA) had recommended an increase of Rs 9.02 per liter in petrol prices and a Rs13.22 per liter hike for high-speed diesel.
However, the government approved a Rs5/per liter increase in petrol prices and Rs6.37/litre for the high-speed diesel.
The Finance Ministry said that it was partially increasing the prices of fuel products to minimize the burden on the masses.
After the hike, which goes into effect from November 1st (today), petrol will be available for Rs 97.83 per liter and HSD at Rs 112.94.
Similarly, OGRA had proposed an increase of Rs 6.47 per liter for Kerosene oil. The Finance Ministry, however, increased its prices by Rs 3 per liter. For light diesel, the government went against the original proposal and raised the prices by Rs 6.48 per liter only.
The revised prices for kerosene stand at Rs 86.50 and light diesel oil at Rs 82.44 per liter.
Earlier, on Tuesday, OGRA had forwarded a summary to the Finance Ministry which emphasized that the hike was inevitable due to the sharp currency depreciation and increasing oil prices in the international market.
Finance Minister, Asad Umar, however, had delayed any decision until the final word came from the Prime Minister of Pakistan.
Umar had already hinted at a hike in petroleum prices in his previous media statements.
“The government has minimized taxes on petroleum products to protect the common man, but the prices are still going up and need to be looked into,” said the minister on TV last week.