ISLAMABAD: Federal government decided on Thursday to keep Petroleum prices unchanged for at least coming 15 days. The Initial proposal was prepared by the ministry of finance in light of the picture drawn by Oil and gas regulatory authority. The summary had proposed a hike of at least 3 rupees across the board in high speed diesel, HOBC and kerosene oil.
The decision has been deferred by Prime Minister Yousuf Raza Gilani. Prices of all petroleum products except kerosene oil were last revised by 3 rupees on 1st of May. Diesel was raised to 44.5 rupees and petrol to 68.8 rupees a liter. It is pertinent to mention that oil rebounded to near $125 a barrel on Friday, led by the bullish heating oil market as China and Europe scramble for barrels, thinning global supply. US crude for June delivery rose 74 cents to $124.86 a barrel just 1.7 percent below Tuesday’s all-time peak of $126.98. New front month July ICE Brent was 97 cents higher at$123.60 a barrel, off an intraday high of $123.71.-SANA
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