The government has chose to maintain existing petroleum prices for the next fortnight.
The petrol and diesel prices have reportedly been increased by the state oil companies, and the new prices will be effective from Monday.
Petrol price was hiked by Rs. 1.29 a litre and the diesel rate by 97 paise a litre on Sunday.
The minister said the prices of light diesel and kerosene oil, which were used by the common man, would remained unchanged for whole next month while those of petrol and diesel would be reviewed after 15 days. "The government wants to maintain a policy of stability since April except for a partial increase in December".
The finance minister also said the government will have to bear a burden of around Rs4 billion after the decision of not increasing the petroleum prices.
The Oil and Gas Regulatory Authority (OGRA) on Thursday dispatched a summary pertaining to the prices of petroleum products (POL) to the ministries of Petroleum and Finance.
The revision in rates announced is excluding state levies (VAT).
According to the statement, 0.5 percent hike was recommended for petrol, 5.2 percent for high speed diesel, 16 percent for kerosene oil and 8 percent for light speed diesel.
Sources earlier told this scribe that PML-N government would not approve hike as OGRA worked out in its working paper because of political pressure.
The minister said that an increase in POL prices in the global market during the month of November was partially passed on to the people, as the government absorbed the major chunk of the raise.