ISLAMABAD - The Ministry of Finance yesterday announced that the rates of petroleum products would be maintained at the existing level for the month of August.

The bureaucracy has failed to make POL price adjustment for the month of August due to the absence of Chief Executive, after the disqualification of PM Nawaz Sharif.

In a statement, the spokesman of the Finance Division has said that considering special circumstances, the rates of petroleum products would be maintained at the existing level till a decision by the competent authority.

Under the monthly price adjustment policy, on the last day of every month the ministry of finance, following the OGRA’s recommendation, with the approval of the Finance Ministry announces new POL prices for the upcoming month. However, for the first time the reluctant bureaucracy ,in the absence of Chief Executive, has failed to pass on the benefits of the low international oil prices to the consumers.

It is worth to mention that Oil and Gas Regulatory Authority (Ogra) last week had recommended the government to reduce the prices of Motor Gasoline (Petrol) and High Speed Diesel (HSD) by Rs3.67 and Rs5.07 per litre respectively for the month of August.

However, Ogra suggested increasing kerosene price by Rs13 per litre and Light Diesel Oil (LDO) by Rs10.01 per litre. As per a working paper moved to the ministry of Petroleum and Natural Resources and the Ministry of Finance, Ogra has proposed to reduce petrol by 5.1 percent or Rs3.67 per litre and High Speed Diesel prices by 6.3 percent or Rs5.07 per litre. The Ogra’s summary also recommended an increase of 29.5 percent or Rs13 per litre in the price of Superior Kerosene oil and 22.8 percent or Rs10.01 per litre increase in the price of Light Diesel Oil (LDO).