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July 15, 2008
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Tuesday
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Rajab 11, 1429
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New hike in petrol, diesel prices on the cards
By Khaleeq Kiani
ISLAMABAD, July 14: The ministry of petroleum and natural resources is learnt to have proposed an increase of Rs6 and Rs9 per litre in the prices of petrol (motor spirit) and diesel, respectively, from July 16.
Informed sources said the ministry had proposed to the prime minister that an increase in prices had become imperative because of further rise international oil prices.
The sources said the ministry and the Oil and Gas Regulatory Authority had reached the conclusion that if the prices were kept unchanged the subsidy would have to be increased to Rs40 per litre on diesel.
Since April 1, 2008, petrol prices have increased by 21 per cent, kerosene by 20 per cent and diesel prices by 27 per cent.
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