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Govt approves 10 to 15% increase in POL prices

Government has approved increase in prices of petroleum products by 10 to 15 percent in view of the estimated $ 10 differences between local rates and the prices of crude oil in the international market.

Advisor to the Prime Minister on Petroleum Dr. Asim Hussain told media men the price of petrol would be increased by Rs. 5.92 and diesel by Rs. 6.94 per liter. The new prices of petroleum products would come into effect on July 1st.

The price of petrol would be increased by Rs. 5.92 per liter and it would be sold at rate of Rs. 62.13, he said, adding that, the price HOBC would increased by Rs. 8.50 per liter and the new rate would stand at Rs. 78.78 liter. The price of High speed diesel ad light speed diesel would be increased by Rs. 6.94 per liter each and it would be sold at rate of Rs. 62.95 liter and Rs. 54.94 liter respectively.

He said the price of kerosene oil has been increased by rate of Rs. 7.48 per liter and now it would be sold at rate of Rs. 59.35 liter. He made it clear the Government cannot give subsidy on petroleum products in current scenario.

He said fixed charges have been imposed on petroleum products while the amount to be received through carbon tax would be utilized to overcome budget deficit and war against terrorism.

Answering to a question, the Premier advisor added that the prices of CNG would not be increased. Pakistan is holding talks with different countries to import LPG and Qatar is ready to import but we are resolving logistic issues because we have limited location to store LPG, he said.

In response to a question regarding its effect on inflation he said that he would not comment on this, as this is the work of finance ministry.

After imposition of carbon tax, he said, the price of petrol would be increased by 10.5 percent, diesel by 12.5 percent, HOBC by 12.1 percent and kerosene oil by 14.4 percent.

Reliable sources told Online, Prime Minister Syed Yousuf Raza Gilani has formally approved the new prices of petroleum products. The Government would earn Rs. 110 billion to 120 billion annually under the head of carbon tax on petroleum products, sources said.

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