ISLAMABAD – The government has increased the price of kerosene oil by Rs39.20 per litre, taking the new price to Rs358.01 per litre.
The federal government has decided to maintain the petroleum levy on petrol and diesel. The levy will remain Rs105.37 per litre on petrol and Rs55.24 per litre on diesel.
According to the Ministry of Energy, the government will provide a Rs23 billion subsidy by keeping petrol and diesel prices unchanged. The subsidy will cover the period from March 14 to March 20. Under this arrangement, the government will provide Rs49.63 per litre subsidy on petrol and Rs75.05 per litre on diesel.
The ministry said the amount will be paid to oil marketing companies (OMCs) under price differential claims, which will be processed by Oil and Gas Regulatory Authority.
The ministry also said that cabinet approval has been obtained to establish a Prime Minister’s Austerity Fund. The cabinet’s Economic Coordination Committee has approved the transfer of Rs27.10 billion to the fund. The payment mechanism for price differential claims will also include verification and audit of bills submitted by OMCs.
