The photo has been used for illustrative purpose only.

Gulf Today Report

Pakistan Prime Minister Imran Khan has rejected a proposal by the Oil and Gas Regulatory Authority (Ogra) for an increase in fuel prices from about Rs6 to 7 per litre, Special Assistant to Prime Minister on Political Communication Shahbaz Gill said on Sunday.

The prices would have been effective from March 1. For the next 15 days, the prices of petroleum products will remain the same.

Gill in a tweet uploaded on Sunday informed that the Prime Minister did not approve the proposed increase in the prices of the petroleum products. Observers say the decision was likely made keeping in view the upcoming Senate elections on March 3.

He said that there was no increase in the prices of petroleum products despite the continuous rise in the prices in the world market.

Ogra, in its oil prices summary, proposed the government to jack up the petrol price by Rs7 per litre and high-speed diesel (HSD) by Rs6 per litre for next 15 days but as per the final decision, the Prime Minister rejected the proposed increase.

Ogra had proposed an increase in prices earlier this month as well, but the prime minister had turned it down. The decision had come as a break from continuous price increases for the previous five consecutive fortnights. This was despite an increase in international oil prices over the last 15 days.

Earlier, on Feb.1, the government increased the prices of all petroleum products by 2.5 per cent to 4.6pc for the next 15 days for the fifth fortnight in a row. Petrol price has gone up by 11.13pc (Rs11.20) since Nov.30 from Rs100.69 per litre till Feb.1.