ISLAMABAD - The government on Monday decided to keep the oil prices unchanged due to political pressure of the different parties. The Oil and Gas Regulatory Authority (Ogra) has issued notification, to be effective from February 1 (today), in this regard. The government further reduced the petroleum levy (PL) to absorb rising impact of oil prices as petrol by 49 percent, HOBC by 35 percent, kerosene oil 100 percent and high-speed diesel (HSD) by 87 percent. The price of petroleum products will be as: petrol Rs72.96 per litre, HOBC Rs86.67 per litre, HSD Rs78.33 per litre, LDO Rs66.61 per litre, kerosene oil Rs70.95 per litre, JP-1 Rs68.48 per litre, JP-4 Rs65.11 per litre and JP-8 Rs68.19 per litre. The government will have to face revenue loss of Rs6.6 billion due to keeping oil prices unchanged, sources said. Before taking formal decision on petroleum products prices, the parliamentary committee on oil pricing held a meeting to obtain views of all the political parties representatives, however, they opposed any move on part of government to raise oil prices from today. The representatives of political parties were of the view that the government should improve its fiscal management to enhance revenue. A MQM representative said that the government was giving Rs200 billion in the head of agricultural subsidy that should be abolished. Awami National Party (ANP) representative Haji Adeel opposed implementation of deregulation of Inland Freight Equalisation Margin (IFEM). ANP will not accept implementation of IFEM as it will cause increase in oil prices in Khyber Pakhtunkhwa, he said and supported uniform rate of oil prices in the country. After meeting of parliamentary committee on oil pricing, Petroleum Minister Syed Naveed Qamar held a meeting with Prime Minister Syed Yousuf Raza Gilani and suggested him to keep the oil prices unchanged due to opposition of the political parties. The Prime Minister was also to take decision regarding implementation of the deregulation of IFEM, the sources said adding that the Prime Minister did not take any decision to this effect due to opposition of ANP. While addressing a press conference, Ogra Spokesman Syed Jawad Naseem said that import incidental had been excluded from the ex-refinery price as per the decision of the Economic Coordination Committee (ECC) of Cabinet on deregulation of petroleum products. Distributor and dealer margin for MS, HOBC, kerosene oil and LDO have been fixed in line with ECCs decision, he added.