POL prices not likely to increase further

The rates of petroleum products will not likely increase during the upcoming fortnight as the price of crude oil in the international market was Rs78 a barrel last week while the same was Rs85 a barrel on November 6 when the government jacked up the rates.

The price of crude oil in the world market has reached Rs82.87 per barrel while the Oil and Gas Regulatory Authority (Ogra) will send a summary of prices of petroleum products to the Ministry of Finance on November 14.

Ogra has started working for prices of petroleum products from November 16 to December 1.

According to Ogra sources, “There is no justification for the forthcoming increase in prices of petroleum products.”

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The sources said that the government could maintain the prices by eliminating or reducing the levy, which will provide consumers a relief of up to Rs9 per litre on petrol and diesel each. The government is levying Rs9.62 per litre on petrol and Rs9.14 per litre on diesel.

According to the Ministry of Petroleum sources, on November 6, the government set the price of petroleum products in line with the price (Rs85 per barrel) of crude oil in the international market and this week the crude oil prices are on a downward trend. “In line with this trajectory, there is no justification for the increase,” the sources added.