ISLAMABAD: The government has either reduced the prices of petroleum products or maintained at the current level for the month of August 2014.
On the recommendations of the Finance Minister, Mohammad Ishaq Dar, the Prime Minister, Nawaz Sharif approved to maintain the existing prices of Petrol, HOBC, and High Speed Diesel, said a statement issued here Monday adding the government would bear a subsidy of Rs.1.359 billion to maintain the prices of these products.
The Finance Minister, while in Madinah Munawara, met with the Prime Minister to discuss the prices of petroleum for the month of August in light of the recommendations made by The Oil and Gas Regulatory Authority (OGRA).
The OGRA had recommended raising the prices of Petrol from Rs.107.97 to Rs.110.16, HOBC from Rs.134.63 to Rs.139.28 and High Speed Diesel from Rs.109.34 to Rs.109.96 while it had proposed decrease of Kerosene from Rs.97.63 to 97.09, and Light Diesel Oil from 94.13 to Rs.93.32.
It was decided to maintain the prices at current level but pass on the benefit of decrease of Rs.0.31 in Kerosene Oil and Rs.0.81 in Light Diesel Oil to consumers with effect from July 29, 2014.
Source : APP