The government rejected on Monday the proposals of the Oil and Gas Regulatory Authority (OGRA) to increase prices of petroleum products for the month of July, deciding instead to maintain the rates by providing a subsidy of Rs510 million.
According to reports, Prime Minister Nawaz Sharif had directed Finance Minister Ishaq Dar to provide relief to the masses during holy month of Ramazan.
Later, the Finance Ministry announced the decision to maintain the prices of petroleum products at the existing level.
OGRA had earlier proposed an increase of Rs3.36 per liter in petroleum prices.
It may be mentioned that the government had earlier provided a subsidy of Rs1.78 billion to keep petroleum prices unchanged for the month of June.
