Govt raises petrol price by Rs25.58 per litre

Govt recommended to increase petrol price by Rs25.5
Islamabad: The federal government on Friday raised prices of petroleum products. The new price of petrol is Rs100.10 per litre.

The Ministry of Petroleum has sent recommendation to the government to increase the prices.

An increase of Rs25.50/litre has been approved in petrol price. The government also increased price of high speed diesel by Rs 21.31.

Similarly, the price of kerosene oil has been surged by Rs23.50, while an increase of Rs17.84 has been approved in light speed diesel price.

The new prices will come into effector from tonight.

The country was facing an artificial shortage created by the oil companies since the government had slashed oil prices for the month of June. 

As per the notification, the price of petrol had been slashed by Rs7.06 to Rs74.52 per litre. 

The new price of high speed diesel had been announced as Rs80.15/litre after an increase of five paisas.

The price of the light speed diesel had been cut by Rs9.37 to Rs38.14 per litre.

The decision to raise prices came days after the prime minister ordered stern action against elements behind the fuel shortage that marred the country after the government cut petroleum price for June. 

He issued the orders when an inquiry report on the crisis was submitted to him wherein the shortage of petrol was declared artificial.

The prime minister directed the authorities to suspend or cancel the license of companies which are responsible for it.

In the report, the Oil and Gas Regulatory Authority (OGRA) held Petroleum Division responsible for the crisis, besides revealing that nine oil marketing companies hoarded the petrol causing shortage in the market.

The prime minister said that crisis will not tolerated and ordered the authorities to supply the stored oil to the market.

All oil marketing companies should be bound to store oil for 21 days, the premier said.