Friday, February 3, 2023

Govt to not raise petrol prices despite IMF pressure

The govt maintained petrol prices at their current levels for the next 15 days in order to avoid burdening consumers with the price hike, according to a statement issued by the Finance Ministry.

“In the fortnightly review of petroleum products prices, the prime minister rejected the proposal of the Oil and Gas Regulatory Authority (OGRA) for an increase in the prices of petroleum products,” the statement said, adding that the PM directed that the prices of petroleum products be maintained at their current levels so that consumers were not burdened with a price hike.

As a result, petrol will be sold at Rs149.86 per liter, high-speed diesel will be sold at Rs144.15 per liter, kerosene oil will be sold at Rs125.56 per liter, and light diesel oil will be sold at Rs118.31.

Miftah Ismail, the Federal Minister of Finance and Revenue, had stated that petrol prices will not be increased immediately.

Read Also: Govt likely to reverse its decision on petrol prices: sources

According to the finance minister, the remark comes after reports of a fuel shortage were received from various sections of the country.

He stated in a statement that “there is no prospect of an imminent increase in fuel prices in the next few days,” but hinted that prices might be revised after May 1.

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