Business
ECC approves to increase price of Petrol
ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Friday approved an increase of Rs9 per liter in the price of petrol, putting a damper on the Ramadan festivities.
However, the council decided to refer the issue again to the federal cabinet to take a final decision. The new price would be effective after the federal cabinet’s nod of approval. After the increase in price, petrol will sell at Rs108.42 per liter. Chaired by Adviser to the Prime Minister on Finance Dr Abdul Hafeez Shaikh, the ECC also approved an increase of Rs4.89 per litre (or 4.16pc) in the price of High Speed Diesel (HSD). HSD is widely used in transport and agriculture sector. With this increase, the fuel price will increase to Rs122.32 per litre from the current Rs117.43 a liter.
The ECC also approved an increase of Rs7.46 per litre in the price of kerosene and Light Diesel Oil (LDO) by Rs6.41 a litre. Kerosene —the common man’s fuel — will now sell at Rs96.77 per litre. Earlier, it was selling at Rs89.31 a litre. The Oil and Gas Regulatory Authority (Ogra) had recommended an increase of Rs14.38 per liter in the petrol price.
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