Saturday, May 21, 2022

PM Imran Khan refuses to raise the price of petrol by 55.78 per liter

On Friday, Prime Minister Imran Khan rejected a recommendation from the Oil and Gas Regulatory Authority (Ogra) to increase the price of petrol by Rs55.78 per liter in order to benefit the general public.

It has been recommended that the price of petrol be increased by Rs55.78 per liter, the price of high-speed diesel be increased by Rs68.87 per liter, the price of kerosene oil be increased by Rs37.82 per liter, and the price of light diesel be increased by Rs40.24 per liter by the Oil and Gas Regulatory Authority (Ogra).

Prime Minister Imran Khan has rejected the fuel price hike in order to provide relief to the general public, and the government has agreed to cover the cost of the increase through an Rs33 billion subsidy. The total loss in terms of subsidy and revenue will be Rs63 billion in the long run.

As previously stated, the federal government has decided to keep the prices of petroleum products at their current levels for the next 15 days in April, in accordance with the decision of Prime Minister Imran Khan on February 28th.

A notification issued by the Finance Ministry stated that petrol would remain at Rs149.86 per liter, high-speed diesel (HSD) would remain at Rs144.15, kerosene oil would remain at Rs125.56, and light diesel would remain at Rs118.31 per liter.

Read Also: OGRA notifies rising gas prices

The previous fuel prices will remain in effect from April 1 to April 15, according to the Energy Information Administration. According to the notification, the federal government will bear a financial burden of Rs33 billion as a result of the decision to maintain the previous POL prices.

On February 28, Prime Minister Imran Khan announced a significant reduction in petrol and diesel prices, which would be reduced to Rs10 per liter, as well as a reduction in electricity tariffs to Rs5 per unit.

He had announced a relief package for the general public, which included a reduction in gasoline prices, a reduction in electricity tariffs, tax exemptions for the information technology sector, and other measures.

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