The Ogra has sent a summary to hike fuel prices upto Rs68.87 per litre with petrol price recommended to be increased by Rs55.78, high speed diesel by Rs68.87 per litre, Kerosene oil by Rs37.82 litre and light diesel by Rs40.24 per litre.
Prime Minister Imran Khan in order to provide relief to the masses has rejected the fuel hike and the government would bear the increase through a subsidy of Rs33 billion. The overall loss in terms of subsidy and revenue will be at Rs63 billion.
It is pertinent to mention here that the federal government has retained the prices of petroleum products for the next 15 days of April following the February 28 decision of Prime Minister Imran Khan.
According to the notification issued by the Finance Ministry, the petrol price was retained at Rs149.86 litre, high-speed diesel (HSD) at Rs144.15, kerosene oil at Rs125.56 and light diesel at Rs118.31.
The previous fuel prices will remain in effect from April 1 to 15. The notification read that the federal government will bear the financial burden of Rs33 billion for retaining the previous POL prices.
On February 28, PM Imran Khan had announced a massive reduction in petrol and diesel prices up to Rs10 per litre besides bringing down the electricity tariff up to Rs5 per unit.
He had unveiled a relief package for the nationals including the reduction in petrol prices, power tariff, tax exemptions for the IT sector and others.