ISLAMABAD: The government decided on Friday to keep most of the fuel prices unchanged in February, but announced a marginal reduction in prices of kerosene and light diesel oil (LDO).
Finance Minister Ishaq Dar claimed that a subsidy of Rs1 billion would be given to maintain the prices of petrol, high octane blending component (HOBC) and high speed diesel (HSD).
A summary submitted by the Oil and Gas Regulatory Authority had recommended an increase in the price of petrol by 71 paisa per litre, HOBC Rs4.33 and HSD Rs1.06, and a reduction of Rs1.24 in kerosene price and Rs1.02 in LDO.
A statement issued by the finance ministry said Prime Minister Nawaz Sharif had asked Mr Dar during a meeting to keep the prices of petrol, HOBC and HSD unchanged for the month.
The only increase had been calculated because of depreciation of the rupee, but the government decided to offset the impact by offering subsidy.
Some oil experts had expected a reduction in fuel prices because of some stability in the value of rupee during January, as against the previous month.
The new prices per litre for the month are: petrol Rs112.76, HOBC Rs141.23, Kerosene Rs108, HSD Rs116.75 and LDO Rs101.24.
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