ECC approves the sale of petrol Rs 108 per litre
ISLAMABAD: The Economic Coordination Committee (ECC) has approved the sale of petrol at Rs 108 per litre.
The ECC meeting chaired by Adviser on Finance Abdul Hafeez Shaikh has also approved an increase in diesel price by Rs 4.89 per litre. New prices will be applicable from 12:00 AM on May 4.
In his statement today, Advisor to Prime Minister on Finance Dr. Abdul Hafeez Shaikh stated that controlling petroleum products’ prices is not an incumbent government’s hands. The advisor said the agreement with IMF will send a positive signal to other international financial institutions as well as countries regarding Pakistan’s commitment to fiscal discipline.
On April 30, the federal cabinet had deferred the proposed price hike in petroleum products by the Oil and Gas Regulatory Authority (OGRA) and referred the matter to the Economic Coordination Committee (ECC) for further consideration.
OGRA had proposed a hike of Rs14.37 per litre in the price of petrol from May 01.
In its summary, OGRA had also suggested Rs 4.89 per litre increase in diesel prices, Rs 7.46 per litre in kerosene oil and Rs 6.40 per litre hike in light diesel prices.
The upcoming budget will contain steps to address gaps in current account deficit and fiscal deficit for attaining sustainable economic growth, he assured.
He said the government’s measures have resulted in a reduction in imports and increase in exports and remittances. Hafeez Sheikh said steps have also been taken to decrease expenditures, and coordinated efforts are underway to increase revenue.