POL prices to remain unchanged for July

ISLAMABAD: The prices of petroleum products would remain unchanged for the month of July despite a recommendation by the Oil and Gas Regulatory Authority (OGRA) to increase the prices.This was announced by Finance Minister Ishaq Dar at a press conference here Thursday.He said that the government has decided to maintain prices for the month of July and bear losses due to rise in global oil prices. Dar said that the finance ministry had estimated that it would bear a loss of up to Rs 3 billion by keeping the prices unchanged.The price of petrol, hi-octane, and kerosene oil will remain unchanged, said Dar, adding that the only price to be changed would that of light diesel, which would go up by Rs5.38/litre from the start of the coming month.OGRA had recommended an increase of Rs 1.93 per litre in the price of petrol; Rs 3.53 for high octane; Rs 8.62 for Kerosene oil and 3.75 rupee a litre in the price of high speed diesel.Dar said the government decided not to increase the prices in view of Ramazan and ensuing Eid ul Fitr.