The federal government has increased the price of Kerosene oil by Rs39.20 per litre. The new price of Kerosene is now Rs358.01 per litre across the country. The decision was announced by the Ministry of Energy as part of the latest fuel price adjustments.
Officials said the increase applies specifically to Kerosene oil. Meanwhile, the government has decided to keep the prices of petrol and diesel unchanged for the current review period.
According to the government, the petroleum levy on petrol and diesel will remain the same. The levy on petrol will stay at Rs105.37 per litre. The levy on diesel will remain at Rs55.24 per litre.
The Ministry of Energy explained that the government will provide financial support to maintain current fuel prices. A subsidy of Rs23 billion will be given to keep petrol and diesel prices stable. This subsidy will cover the period from March 14 to March 20.
Under the subsidy arrangement, the government will provide Rs49.63 per litre support on petrol. Diesel will receive a subsidy of Rs75.05 per litre. Officials said the financial assistance will help control fuel costs for consumers during the specified period.
The ministry stated that the subsidy will be paid to oil marketing companies. These payments will be made under price differential claims. The Oil and Gas Regulatory Authority (OGRA) will process the claims submitted by the companies.
Officials added that proper checks will be carried out before releasing the payments. The process will include verification and auditing of the bills submitted by oil marketing companies.
In addition, the government has approved the creation of a new financial initiative. The federal cabinet has approved the establishment of the Prime Minister’s Austerity Fund. The Economic Coordination Committee of the cabinet has also endorsed the plan.
Under this decision, Rs27.10 billion will be transferred to the new fund. The fund is expected to support government financial management and policy measures.
In other news read more about: Pakistan To Pay Rs23 Billion To Oil Companies To Freeze Fuel Prices
Authorities say the latest measures aim to balance fuel pricing with economic pressures. However, the increase in Kerosene prices may affect households that rely on the fuel for daily use.
