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Monday, May 16, 2022
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Govt likely to hike POL prices today

CNG price reaches highest level of Rs300 per kg

Ahead of Pakistan’s talks with the International Monetary Fund (IMF) for the revival of the $6 billion loan programme, the government is mulling to withdraw the subsidy on the petroleum products in a gradual manner.

According to sources, the government has received a summary from the Oil and Gas Regulatory Authority (OGRA) for an increase in the prices of petroleum products from May 16. At present, the government is providing Rs29.60 per litre subsidy on petrol, sources said, adding that the fuel subsidy will cost the national kitty Rs45.14 from May 16 if the price of petrol is not increased.

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The price of petrol will surge to Rs190 per litre if the government withdraws the subsidy on it, added sources. Likewise, the government is giving Rs73.04 per litre subsidy on diesel and Rs43.16 on kerosene. The rates of diesel and kerosene will jump to Rs230 and Rs176 per litre respectively if the subsidy is abolished. The Ministry of Finance will make a final decision on the prices of petroleum products after consultation with the prime minister. Meanwhile, the price of compressed natural gas jumped to all-time high of Rs300 per kilogramme after an increase of Rs70 per kg. CNG Dealers Association Chairman Abdul Sami Khan has rejected the price hike. Staff Report

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