Petrol Price Increased By Rs 10.97, Diesel By Rs 9.49

Monday, July 21, 2008 at 10:55 am Under Business News

ISLAMABAD :The government on Sunday revised upward oil prices. The new prices will be effective from July 21 (Monday). The price of petrol has been increased by Rs 10.97 per litre, increasing it to Rs 86.66 and diesel by Rs 9.49 per litre increasing it to Rs 64.63 and kerosene by Rs 8.20 increasing it to Rs 58.37.

The Oil and Gas Regulatory Authority (Ogra) notified the new petroleum products prices. Senior officials of Petroleum Ministry told Business Recorder that the new increases in petroleum products prices would reduce subsidy burden on the government by Rs 4 billion to Rs 5 billion.

This is the third increase in oil prices in two months and shows that the government would keep on revising the prices whenever needed.

The government is strictly following the policy of getting rid of subsidy-based relief to consumers. The government has already given a commitment to World Bank to pass on the actual oil prices to the consumers.

The basic objective of following this policy is to get rid of the subsidy which is a basic reason of increasing pressure on economy. Prime Minister Yousuf Raza Gilani has approved the hike in POL prices.

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Petrol Price Increased By Rs 10.97, Diesel By Rs 9.49

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