ISLAMABAD: The government on Wednesday revised the prices of petroleum products for the next month.

Addressing news conference, Finance Minister Ishaq Dar said the prices of kerosene oil and light diesel oil have been kept unchanged, while petrol and high speed diesel prices have been increased.

“The Ministry of Petroleum & Natural Resources and Oil and Gas Regulatory Authority (OGRA) have recommended an increase in prices by 6.24% in MS 92 RON Petrol, 7.47% in HSD and6.49% in Kerosene Oil with effect from 1st December 2016,” he said.

“The increase recommended by OGRA is Rs. 4.01/Litre in MS 92 RON Petrol, Rs. 5.42/Litre in HSD and Rs.2.81/Litre in Kerosene Oil,” he added.

“In order to maintain stability since April 2016, prices have been maintained despite fluctuation in international prices and the government has been absorbing the negative financial impact as impact of increase was not passed on to the end consumers,” the Minister said.

The Economic Coordination Committee (ECC) in its meeting on August 18, 2016 decided to switch over from existing Petrol 87 RON to minimum 92 RON with effect from November 2016 to ensure improved quality product for end users,” he said.

“Petrol 92 RON is of a much higher quality and the new OGRA proposed price reflect the increase in international price as well as premium for a higher quality product,” he said.

“Keeping with the Prime Minister’s instructions to provide maximum relief to the underprivileged, and keeping in view that Kerosene Oil and light diesel oil (LDO) is used by the less privileged, it has been decided to maintain the prices of Kerosene and LDO at current level for the month of December 2016,” Dar said.

Therefore against the price increase of Rs. 4.01/Litre in 92 RON Petrol andRs. 5.42/Litre in HSD recommended by OGRA with effect from 1st December 2016, it has been decided to only increase the prices of 92 RON Petrol by Rs.2/Litre and HSD by Rs.2.70/Litre,” he said.

“The Ministry of Finance will bear the financial impact of approximately Rs 4 billion due to loss of revenue on account of non passage of the OGRA recommended increase in prices to the end consumer,” he said.