ISLAMABAD: The Oil and Gas Regulatory Authority announces huge increase in the prices of Petrolium products reaching to Rs 458.40 per litter while the prices of diesel reached to Rs 520.35.
Due to the IMF’s refusal to provide subsidies to the government, the prices of petroleum products have been increased. The new price of petrol has been increased to Rs 458.40, and the price of diesel has been set at Rs 520.35.
Finance Minister Muhammad Aurangzeb announced the increase in the prices of petroleum products. Finance Minister Muhammad Aurangzeb announced the increase in the prices of petroleum products during a press conference in Islamabad along with Petroleum Minister Ali Pervaiz Malik.
Petroleum Minister Ali Pervaiz Malik said in the press conference that he is grateful to President Asif Ali Zardari and the Chief Ministers of the four provinces for guiding him regarding energy prices. Today, the entire region is gripped by an energy crisis.
He said that the government has taken difficult and responsible decisions today. The situation in the region has put the entire world economy in difficulty. We should try to extinguish this fire somehow.
He said that due to the Iran war, there has been a shock in energy prices, crude oil prices have increased to a record high in the global market, the price of raw teak has increased to more than $250 per barrel.
Ali Pervez Malik said that the Prime Minister cut the salaries of cabinet members through an austerity campaign and did not let the burden of the increase in the prices of petroleum products fall on the pockets of the people.
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