Islamabad: Oil and Gas Regularity Authority (OGRA) of Pakistan has increased the petroleum products prices by 9.9 percent with effect from March 01.
OGRA spokesman Jawad Naseem while addressing a press conference on Monday night in Islamabad announced that the new petrol price would be Rs 80.19 after a hike of Rs 7.22, while high speed diesel price has been increased by Rs 7.76 to Rs 86.09.
The new price of light speed diesel is Rs 73.21 with an increase of Rs 6.60. The new price of kerosene oil is Rs 77.95 after an increase of Rs 7. High Octane goes up by Rs 8.58 to Rs 95.25.
The spokesman while justifying the hike said that this time increase was compulsory after taking back the decision of price hike twice. Despite the hike, the government would have to pay Rs 5 billion subsidy, he claimed. Soon after the announcement of hike in POL products, various patrol pumps stopped supplying petrol and diesel which created problems for masses.
Earlier, Federal Law Minister Babar Awan had said that if petroleum price was not increased, the government would have to bear a loss of Rs 30 billion.
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