The Oil and Gas Regulatory Authority (Ogra) announced an increase in oil prices by up to 6% per litre effective from Wednesday (today), on account of an increase in global oil prices.
Sources said that Ogra had recommended keeping oil prices unchanged but the finance ministry resisted the proposal and supported an increase in prices to avoid any subsidy.
Ogra has raised the per litre price of petrol by Rs5.37, High Speed Diesel (HSD) by Rs4.64, High Octane Blending Component (HOBC) by Rs6.29, kerosene oil by Rs2.78 and Light Diesel oil (LDO) by Rs3.43.
The new per-litre price of petrol is Rs94.91, kerosene oil Rs92.02, HOBC Rs118.20, LDO Rs90.21 and HSD Rs103.46.
While the rationale for this month’s price rise is global oil price hike, the government had increased prices of petrol and HOBC in January, too, despite a decline in international crude prices and Ogra’s recommendation to keep prices unchanged.
Meanwhile, Ogra had calculated an increase of Rs3.11 per-litre for diesel, in line with the hike in global oil prices, but the government raised the hike to Rs4.64 per-litre, in a bid to earn more revenue through petroleum levy.
Published in The Express Tribune, February 1st, 2012.
COMMENTS (13)
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@NA:
Might I suggest you read the editoral "An inevitable increase" to gain a better understanding of the meaning behind my comment. While you might not choose to agree you cannot either denie the truth it repersents.
Step 1: Finish the perks and benefits of Government officers / officials. Step 2: Finish the perks and benefits of all Armed Forces. Step 3: Everyone in Pakistan pay taxes. Step 4: Pakistan's problem solved.
Welcome to the real World, the days of subsudise fuel is coming to an end for any Govt in Pakistan as the State is on verge of Bankruptcy !!!! Its time the people in this country learn to count and pay Taxes, otherwise the future is very dim !
The Increase is not TRANSPARENT nor It WAS. There is no Authority to Challange Government Moves to Shift the bourden of touring party on our pockets. So we have no choice but to Wait >>>>>> SUNAMI
It’s primarily because of Rupee depreciation…. However, Govt should have managed by decreasing the Petroleum levy….
be serious. then blind should cast a net into the river to catch a fish. blind people too owe their duties to the nation. blindness doesn't deprive one of one's citizenship
@Harry Stone: "As PAK is a lawless nation"
You better visit Pakistan in order to come out of Pakistanofobia. Or you are paid for anti-Pakistan propaganda.
@ibne Abbas: It is still cheaper than what the developed world pays. The PAK is underwriting the true costs. There will always be a energy shortage in PAK because there is no free market. Only the government will invest because the private sector expects a return on its investment. As PAK is a lawless nation any agreement with the PAK government cannot be trusted. No more than anything else the PAK government agrees too.
Government is funding itself by robbing purchasing power of people by printing money and taxing the fuel using price increase as red herring.
ibne Abbas: The blind must not take exchange rate differences into account!
Its time for army to take care of the nation
:(
a minor increase in oil price in international market results in remarkable increase in oil price within our country. a couple of years ago oil price hit its historic high touching nearly 148 us dollars per barrel n in our country the prices remained under RS.90. now per barrel price is 114 us dollars n pol prices have gone up to Rs. 105. the difference is visible even to the blind.