Ministry proposes 6pc raise in POL prices

ISLAMABAD: Ministry of petroleum has sent summary to finance ministry seeking hike in petroleum products prices by 6 percent for the month of May.

Well placed sources of ministry of petroleum said that ministry of petroleum had sent summary to ministry of finance for raising price of petroleum products by 6 percent for the month of May. It will be sent to Prime Minister today for his approval.

Sources told if government did not increase the prices in line with international market prices then it would have to provide additional subsidy of Rs 12 billion. Subsidy could shift additional burden to fragile economy of country.

Sources further told hike in the price of petrol by Rs 5 per liter, diesel by Rs 5.57, kerosene oil by Rs 5.5 and HOBC by Rs 5.88 per liter had been proposed in the summary.

Following the approval of summary by Prime Minister petrol prices will go up to Rs 88.85 per liter, diesel Rs 99.49 and kerosene oil Rs 89.1