ISLAMABAD - The government has once again decided to retain the oil prices unchanged for the month of July, turning down the summary of the Oil and Gas Regulatory Authority that had proposed up to 19.93 percent increase in the prices of petroleum products.

The government has taken the decision due to advent of Eidul Fitr. Finance Minister Ishaq Dar announced the government would maintain the oil prices of four items except light diesel oil. “The government is increasing the rates of only light diesel oil by Rs 5.38 per litre. The consumption of LDO is very low in the country,” he said and added the government would bear Rs 3 billion losses over maintaining oil prices of four items, petrol, high speed diesel, kerosene and high octane blended oil (HOBC).

Light diesel oil prices will be increased from Rs 37.97 per litre to Rs 43.35 per litre.

The government has rejected the summary of Ogra for the third consecutive month. The Ogra had proposed an increase of 3 percent or Rs 1.93 per litre (from Rs 64.27 to Rs 66.2 per litre) in the price of petrol for the month of July.

The Ogra had also suggested an increase of 5.17 percent or Rs 3.75 per litre in the price of high speed diesel, taking its prices from Rs 72.52 to Rs 76.27 per litre. Similarly, kerosene oil prices were recommended to enhance by 19.39 percent or Rs 8.62 per litre (from Rs 43.25 to Rs 51.83 per litre.)

The Ogra had also sought an increase in the high octane blended oil (HOBC) prices by 4.86 percent or Rs 3.53 per litre.