ISLAMABAD: The prime minister has turned down an Oil and Gas Regulatory Authority summary seeking an increase in fuel prices by up to Rs11.53 per litre from November 1, a notification from PM House said Saturday.
The notification said the decision had been taken in the national interest and to “provide relief to the public.”
“The government is prioritising relief for the citizens instead of passing on the impact of global inflationary pressures,” an Urdu version of the statement read.
“The additional burden of higher prices, as suggested by OGRA, which would have been transferred to the citizenry, will instead be borne by the government,” it added.
The government had last increased the per litre cost of petrol by Rs10.49 and high-speed diesel by Rs 12.44 on October 16 for the next fortnight.
Earlier reports had suggested that the government may increase petrol prices by up to Rs6.5 per litre for the next 15 days, while the rates of diesel may go up by Rs8.
The statement from PM House said OGRA had in fact suggested a Rs11.53 increase in the per litre price of petrol, a Rs8.49 increase in the price of high-speed diesel, Rs6.29 increase in the price of kerosene oil, and a Rs5.72 increase in the price of light diesel.
Fluctuations in POL prices in the country depend on adjustments to taxes, fluctuations in oil prices in the international market and the rupee/dollar exchange rate.
For now, the price of petrol, the most commonly used fuel in private transport, remains at Rs137.79 per litre.
Keeping in view the rise in oil prices in the world market and the dollar’s value till October 26, the government was asked to set new rates for petroleum products, sources had earlier said.