ISLAMABAD, Pakistan: The federal government has decided to keep petroleum prices unchanged for two weeks during the month of January 2017 in order to provide maximum relief to the common man.
The decision in that regard was taken on the directives of Prime Minister as a New Year gift to the people, Minister for Finance Muhammad Ishaq Dar told a press conference in Islamabad on Saturday.
He said the decision of not to raise the petroleum prices would cost some Rs 4 billion.
The minister said at the rate of 17 per cent sale tax the increase in the price of petrol was calculated at Rs 1.77, kerosene oil at Rs 14.31, light speed diesel oil at Rs.10.11 and high speed diesel at Rs 3.99.
The Oil and Gas Regulatory Authority (OGRA), he said, had suggested price raise of Rs 3.94 for high speed diesel, Rs 6.93 for kerosene oil, Rs 3.48 for light speed diesel and Rs 0.31 for petrol.
However, the Prime Minister directed to keep the prices unchanged, he added.
The minister said the prices of light diesel and kerosene oil, which were used by the common man, would remained unchanged for whole next month while those of petrol and diesel would be reviewed after 15 days.
He said the OGRA had suggested to fixe price of petrol for next month at Rs 66.58, high speed diesel at Rs 79.16, kerosene oil at Rs 50.18 and light diesel oil at Rs 46.82 per litre respectively.
The minister said increase of petroleum prices in the international market during the month of November was partially passed on to the people as the government absorbed the major chunk of the raise.
Ishaq Dar said during last six months the prices of petroleum products had not been not increased and maximum relief was provided to the people.