PR No.291 FINANCE MINISTER ANNOUNCED NEW PETROLEUM PRICES WITH EFFECT FROM 1ST FEBRUARY 2017 Islamabad: January 31, 2017.
Federal Minister for Finance, Senator Mohammad Ishaq Dar, today announced the prices of petroleum products for the period starting from 1st February 2017 till midnight on 15th February 2017.
He said that Ministry of Petroleum & Natural Resources and OGRA have recommended an increase of Rs. 4.16/Litre in the price of MS 92 RON Petrol, Rs. 4.29/Litre in the price of High Speed Diesel (HSD), Rs.16.71/Litre in the price of Kerosene Oil and Rs. 12.53/Litre in the price of Light Diesel Oil (LDO), with effect from 1st February2017.
The Minister stated that, in line with the Prime Minister’s instructions to provide maximum relief to the common man, and keeping in view that Kerosene Oil and LDO is used by the low income segments of the country’s population, it has been decided to maintain the prices of Kerosene Oil and LDO at the current level till15th February 2017. This decision has been taken also keeping in view the fact that Kerosene Oil caters to the energy needs of the poor, especially in the winter season. In order to maintain the prices of both Kerosene Oil and LDO at current levels, the government will not only be forgoing all applicable taxes and duties on these petroleum products, but will also subsidize the prices of these products for the consumers.
The Minister further announced that it has been decided to increase the price of MS 92 RON Petrol by Rs. 2.25/Litre only while the price of HSD is being increased by Rs. 2.26/Litre only. These increases are almost half of the increases recommended by OGRA for both MS 92 RON Petrol and HSD.
The Finance Minister highlighted that, in order to maintain stability, prices have been maintained since April 2016despite an increase of around43% in international oil prices during 2016. He said that the government has been absorbing the negative financial impact due to the government’s decisions to not pass on price increases to the end consumers. He highlighted that, prior to today, only partial increase in MS Petrol and HSD was passed on to the end consumers for the month of December 2016 and for the last two weeks of January 2017, compared to OGRA’s recommendations.