ISLAMABAD: The federal government has announced a significant increase in the price of light diesel, shortly after raising the price of kerosene oil, Pakistan Digital News reported.
According to the latest government notification, the price of light diesel has been increased by Rs67.51 per litre, bringing the new price to Rs302.52 per litre.
Earlier, the government had also issued a notification confirming a sharp increase in kerosene oil prices. The price of kerosene has gone up by Rs39.20 per litre, setting the new rate at Rs358.01 per litre.
These increases in the prices of light diesel and kerosene are expected to put additional pressure on transportation costs and household budgets, especially in rural areas where these fuels are commonly used for daily activities.
However, despite rising international oil prices, the government has decided not to increase petrol prices for the time being. According to the Ministry of Energy, the government will provide a Rs23 billion price differential subsidy to oil marketing companies (OMCs) in order to keep petrol prices stable.
As stated in the notification, the petroleum levy on petrol will remain at Rs105.37 per litre, while the levy on diesel will stay at Rs55.24 per litre.
Officials said that this subsidy will cover the period from March 14 to March 20. During this time, the government will provide a subsidy of Rs49.63 per litre on petrol and Rs75.05 per litre on diesel.
The subsidy payments will be processed through the Oil and Gas Regulatory Authority (OGRA), which will also verify and audit the bills submitted by oil marketing companies.
In a separate development, the federal cabinet has approved the creation of the Prime Minister’s Austerity Fund. The Economic Coordination Committee (ECC) has authorised the transfer of Rs27.1 billion into this fund. Out of this amount, Rs23 billion will be allocated to OGRA to cover the fuel subsidy payments.
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