Price of petrol will increase further, says Fawad Chaudhry

Islamabad: Minister for Information Fawad Chaudhry reiterated that the price of petroleum products will increase further.

Addressing a press conference after the cabinet meeting, the information minister said that the Federal Board of Revenue (FBR) could not recover Rs3,000 billion due to ongoing cases in courts.

“FBR is unable to recover money due to stay orders,” Fawad said, clarifying that the PTI-led government respects all institutions and works together with them.

The federal minister reiterated there is no doubt that the price of petroleum products will increase further. “The decision regarding the price of petrol does not depend on the cabinet as it is dependent on other factors,” he added. 

A day earlier, the Oil and Gas Regulatory Authority (OGRA) recommended up to Rs8.5 hike in prices of petroleum products from February 16, sources said.

The regulator, in its summary forwarded to Petroleum Division, recommended Rs8.5 per litre increase in petrol price, according to sources.

Similarly, a hike of Rs5.5 per litre was recommended in price of diesel.

A final approval pertaining to the fresh hike in prices of petroleum products will be taken by the Prime Minister Imran Khan.

The OGRA increased the prices of petroleum products on the basis of the existing levy.

Sources said that if the federal government raises the levy, the hike of prices will be more than summary hike prices. It added that there is no chance to further decrease levy on petroleum products.

The decision regarding prices of petroleum products will be taken by the premier. New prices of petroleum products will be announced tomorrow.