Petrol, diesel prices likely to be cut
Light diesel, kerosene to be dearer by Rs10 & Rs15 per litre, respectively
Photo: FIle
ISLAMABAD:
Consumers of petrol and diesel are likely to get relief as the government is likely to cut petroleum products prices in May after it kept increasing their prices during the last several months following fluctuations in global oil prices.
However, the government is expected to increase the prices of light diesel and kerosene.
The Oil and Gas Regulatory Authority (Ogra) has sent its recommendations regarding petroleum prices to the Ministry of Petroleum on Friday.
According to Ogra’s calculation, the prices of petrol and high speed diesel are likely to be reduced by Rs1 per litre. However, the price of light diesel is expected to increase by Rs10 per litre and kerosene by Rs15 per litre.
Petrol, diesel prices increased by Rs1 per litre
The new prices will be implemented after getting the nod of Prime Minister Nawaz Sharif with effect from May 1, 2017.
The petroleum consumers have been facing partial increase in oil prices during the past several months due to fluctuations in global oil prices.
During the last three months, the government had rejected Ogra’s recommendations regarding hike in kerosene and LDO prices.
According to the summary, a decrease of Rs1 per litre has been recommended in the price of petrol, and if the government approves the same the increased price of petrol will come down from the current Rs74 to Rs73 per litre.
Oil prices likely to rise up to Rs13 per litre
Similarly, after a decrease of Rs1 per litre in HSD, its price will come down to Rs82 per litre from the current Rs83 per litre. The prices of kerosene after an increase of Rs15 will go up to Rs59 per litre from the existing Rs44 per litre and the price of LDO will go up with an increase of Rs10 per litre from the current Rs44 per litre to Rs54 per litre.
When contacted about the recommended increase in the POL prices despite decrease in the international market, an Ogra official said: “Actually kerosene and LDO prices are being determined on average of previous month import price.”
The official said for May Ogra made determination for kerosene and LDO on the basis of import prices of March.
High speed diesel is mainly used in the agriculture and transport sectors and; therefore, reduction in its price will have positive impact on these sectors to reduce inflation.
Global crude rates: Prices of petroleum products set to rise by 38.6 per cent
Kerosene was used in areas where LPG was not available for the cooking purpose and; therefore, increase in its price will affect the life of common man living in remote areas.
Consumers of petrol and diesel are likely to get relief as the government is likely to cut petroleum products prices in May after it kept increasing their prices during the last several months following fluctuations in global oil prices.
However, the government is expected to increase the prices of light diesel and kerosene.
The Oil and Gas Regulatory Authority (Ogra) has sent its recommendations regarding petroleum prices to the Ministry of Petroleum on Friday.
According to Ogra’s calculation, the prices of petrol and high speed diesel are likely to be reduced by Rs1 per litre. However, the price of light diesel is expected to increase by Rs10 per litre and kerosene by Rs15 per litre.
Petrol, diesel prices increased by Rs1 per litre
The new prices will be implemented after getting the nod of Prime Minister Nawaz Sharif with effect from May 1, 2017.
The petroleum consumers have been facing partial increase in oil prices during the past several months due to fluctuations in global oil prices.
During the last three months, the government had rejected Ogra’s recommendations regarding hike in kerosene and LDO prices.
According to the summary, a decrease of Rs1 per litre has been recommended in the price of petrol, and if the government approves the same the increased price of petrol will come down from the current Rs74 to Rs73 per litre.
Oil prices likely to rise up to Rs13 per litre
Similarly, after a decrease of Rs1 per litre in HSD, its price will come down to Rs82 per litre from the current Rs83 per litre. The prices of kerosene after an increase of Rs15 will go up to Rs59 per litre from the existing Rs44 per litre and the price of LDO will go up with an increase of Rs10 per litre from the current Rs44 per litre to Rs54 per litre.
When contacted about the recommended increase in the POL prices despite decrease in the international market, an Ogra official said: “Actually kerosene and LDO prices are being determined on average of previous month import price.”
The official said for May Ogra made determination for kerosene and LDO on the basis of import prices of March.
High speed diesel is mainly used in the agriculture and transport sectors and; therefore, reduction in its price will have positive impact on these sectors to reduce inflation.
Global crude rates: Prices of petroleum products set to rise by 38.6 per cent
Kerosene was used in areas where LPG was not available for the cooking purpose and; therefore, increase in its price will affect the life of common man living in remote areas.