ISLAMABAD -UNS –Finance ministry has on Saturday decided against hiking price of petroleum products despite recommendation from Oil and Gas Regulatory Authority (OGRA) in this regard.
This was disclosed by incumbent finance minister Asad Umar during an informal interaction with media personnel in Bani Gala.
He stated that there would be no change in price of the petroleum products for the next month.
Earlier on Friday, OGRA submitted a summary to the petroleum division recommending that the petrol prices should be increased by at least Rs4.50 per liter starting from October 1.
The regulatory authority has forwarded a summary to the petroleum division suggesting an increased of at least Rs4.50 in the oil prices.
The summary also refers to other petroleum products whose prices should be increased under monthly readjustment formula.
It is recommended that the rate of high speed diesel be increased by Rs4 per liter, while the rate of light diesel price proposed to be increased by Rs3.50 per liter.
Ogra has submitted details of the proposed summary to the petroleum division and subsequently the decision over new prices will be taken after approval of the prime minister.
Earlier, Pakistan State Oil (PSO) had submitted to Supreme Court of Pakistan a report during hearing of case pertaining to hike and inflated rates of petrol, gas, electricity.
Chief Justice of Pakistan Saqib Nisar while hearing the case asked PSO s counsel whereabouts of company CEO and remarked that CEO is off after gobbling down Rs.3.7m monthly salaries.
The CJP expressed annoyance over PSO hiring lawyer at an expensive Rs. 1.5m fee as revealed by lawyer himself on being inquired about it. Riled by the heavy fee CJP said that public institutions which are already financially feeble hire private counsels and that PSO should have been represented by Attorney General Office.