Oil prices hiked in Pakistan

Last Updated: Sun, Jul 01, 2018 17:50 hrs
FILE PHOTO: A pump jack operates at a well site leased by Devon Energy Production Company near Guthrie,

Pakistan: Pakistan's caretaker government, headed by Prime Minister Justice (Retired) Nasir-ul-Mulk, approved a significant hike in the oil prices, citing the worsening economic condition on Saturday night.

The new rates will be in effect from July 1 (Sunday).

According to the notification, the new per-litre prices of petrol, diesel, kerosene oil, light diesel, and high-speed diesel are Rs 99.50, Rs 119.31, Rs 87.70, Rs 80.91, and Rs 105.31 respectively, reported Geo TV. (Pakistani rupees)

The finance division approved new prices of petroleum products on the recommendation of Oil and Gas Regulatory Authority (OGRA).

OGRA had proposed an increase in the price of petrol by Rs7.54 per litre, diesel by Rs14 per litre, kerosene oil by Rs3.36 per litre, light diesel oil by Rs5.92 per litre and high-speed diesel by Rs6.55 per litre, as per local media reports.

Last month, the interim government had increased the fuel prices by Rs. 4.26, Rs. 6.55, and Rs. 4.46 per litre for petrol, diesel, and kerosene oil respectively for the period between June 12 and June 30.

The recent development comes ahead of the general elections slated to be held on July 25 in Pakistan.

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