ISLAMABAD: Prime Minister Nawaz Sharif rejected on Friday a summary suggesting an increase in prices of petroleum products, a senior finance ministry official told Dawn.

The Oil and Gas Regulatory Authority (Ogra) had earlier this week recommended the increase despite a decline in international oil prices. Depreciation in the value of the rupee against the dollar was given as the reason for increasing the prices of petrol, high speed diesel, kerosene and high octane blending component (HOBC).

The US dollar was Rs105 on Nov 1 but now it had reached Rs109.50, an increase of about 9 per cent, Ogra said.

The price of kerosene was estimated to go up by 25 paisa per litre and that of HOBC by Rs3.70. The price of petrol was to go up by 8 paisa per litre but the government wants to keep it unchanged in view of shortage of CNG.

The price of light diesel oil was estimated to be reduced by 85 paisa per litre but after the rejection of the summary by the prime minister it will remain unchanged.