ISLAMABAD (DNA) – The Economic Coordination Committee (ECC) has approved sale of petrol at Rs108 per liter, sources told.The ECC meeting chaired by Adviser on Finance Abdul Hafeez Shaikh has also approved increase in diesel price by Rs4.89 per liter.

New prices will be applicable from 12:00am on May 4. 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 liter in the price of petrol from May 01.

In its summary, OGRA had also suggested Rs4.89 per liter increase in diesel prices, Rs7.46 per liter in kerosene oil and Rs6.40 per liter hike in light diesel prices.

In his statement today, Advisor to Prime Minister on Finance Dr Abdul Hafeez Shaikh stated that controlling petroleum products’ prices is not in incumbent government’s hands. The advisor said agreement with IMF will send a positive signal to other international financial institutions as well as countries regarding Pakistan’s commitment to fiscal discipline.

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 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.