The government has increased the prices of petrol and high speed diesel by Rs 1.71 and Rs 1.52 per litre respectively for the month of March.
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Finance Minister Ishaq Dar, while announcing the latest petroleum price hike, said that the government had passed on to consumers a partial increase recommended by the Oil and Gas Regulatory Authority (Ogra) and would absorb an additional Rs3 billion by not fully transferring the impact of higher international oil prices.
The Ministry of Petroleum & Natural Resources and Ogra had recommended an increase of Rs2.96 per litre in the price of petrol, Rs2.18 per litre in the price of HSD, Rs17.55 per litre in the price of kerosene and Rs10.94 per litre in the price of light diesel oil (LDO) with effect from March 1, Mr Dar said.
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But, according to the minister: “in consultation with and on the directive of the prime minister, we have decided to increase petrol and HSD prices to around half the amount recommended by the authorities, with an aim to ease burden on masses”.