ISLAMABAD - The government on Tuesday jacked up the prices of petrol and high-speed diesel (HSD) by Rs2.25 and Rs 2.26 per litre respectively.

The government approved the upward revision in the prices of the petroleum products for 15 days, which will take effect from February 1.

The government, however, kept the prices of kerosene oil and light diesel oil unchanged.  Finance Minister Ishaq Dar announced that the price of MS 92 RON petrol has been increased by Rs2.25 per litre and that of diesel by Rs2.26 per litre.

He said that the Oil and Gas Regulatory Authority (OGRA) had proposed to increase the petrol prices by Rs4.16 per litre and diesel by Rs4.29 per litre, kerosene oil by Rs.16.71 and light diesel by Rs12.53 per litre, however, the government has increased the prices of only two products with a nominal raise. With the increase, petrol will be sold at Rs70.29 per litre and diesel at Rs79.48 per litre.

The minister said that in line with the prime minister’s instructions to provide a “maximum relief” to the common man, and keeping in view that kerosene oil and light disesl is used by the low-income group, it has been decided to maintain the prices of the two products at the current level till February 15.

“In order to maintain the prices of both kerosene oil and LDO at the current level, the government will not only be forgoing all applicable taxes and duties on these products but will also subsidise the prices of these products for the consumers.”

Dar highlighted that, in order to maintain stability, prices have been maintained since April 2016 despite a 43 percent increase in oil prices in international market during 2016. He said that the government has been absorbing the negative financial impact due to the government’s decisions to not pass on price increases to the end-consumers.