ISLAMABAD - After increasing gas prices and announcing mini-budget, the PTI-led coalition government has decided to give relief to the people by not enhancing the prices of petroleum products for the next month.

Finance Minister Asad Umar said that the government has decided to keep the oil prices unchanged for the upcoming month to give relief to the masses.

The Oil and Gas Regulatory Authority had recommended to the government to increase the oil prices up to Rs4 per litre. However, the government decided not to take tough decision as it has already enhanced gas prices up to 143 percent and has announced mini budget with new taxation measures of Rs178 billion.

The finance minister announced not to increase oil prices after consulting with Prime Minister Imran Khan in a meeting. They also discussed economic situation of the country. Prime Minister directed to keep oil prices unchanged for next month to provide relief to the masses.

Earlier, OGRA had recommended an increase of Rs4 per litre in prices of motor spirit (petrol) and high speed diesel (HSD) for October 2018. The OGRA had also proposed to enhance prices of kerosene oil and light diesel oil (LDO) by Rs3 per litre each. However, the government turned down the summary.

The price of petrol will remain at Rs92.83 per litre and the HSD price at Rs106.57 per litre. The prices of kerosene oil will remain at Rs 83.50 per litre and price of LDO will remain Rs75.96 per litre.

It has also been considered that there has been a sharp increase in the global oil prices recently and there is uncertainty in international market, because of which the increasing trend in prices could reverse. The Prime Minister therefore decided to maintain prices of petroleum products at the current level during the month of October. In order to absorb the effect of the increased international prices, the government will correspondingly reduce applicable sales tax rate on HSD from the current 22% to 17.5%; on motor spirit (Petrol) from 9.5% to 4.5% and kerosene oil from 6% to 1.5%, while sales tax on LDO will be zero.