The federal government has decided to keep the prices of petroleum products unchanged for the month of July, despite a recommendation by the Oil and Gas Regulatory Authority (OGRA) to increase prices.
Speaking at a press conference Thursday, Finance Minister Ishaq Dar announced that the government had decided to maintain prices for the month of July and bear losses due to rise in global oil prices.
The prices of petrol, hi-octane, and kerosene oil will remain unchanged, said Dar, adding that the only price to be changed will be that of light diesel, which will go up by Rs 5.38/litre from the start of the coming month.
The finance minister said that the government had decided to bear the burden despite recommendations by the OGRA to increase prices.
Dar said that the Finance Ministry had estimated that it would bear a loss of up to Rs 3 billion by keeping the prices unchanged.