Upward revision: Oil price hike on the cards

Ogra recommended Rs3.21 per litre increase in the price of petrol.

ISLAMABAD: The government may increase oil prices by up to Rs4.40 per litre – effective from August 16 – to pass on the impact of global oil prices to consumers. In spite of the recommendation made by the Oil and Gas Regulatory Authority (Ogra) to the petroleum ministry, President Asif Ali Zardari has issued directives to halt an increase in the rates of petroleum products. According to the summary moved by Ogra on Monday, the regulator recommended Rs3.21 per litre increase in the price of petrol, Rs4.85 per litre in the price of High Octane Blending Component (HOBC), Rs3.52 per litre in the price of kerosene oil, Rs4.40 per litre in the price of High Speed Diesel (HSD) and Rs3.19 per litre in the price of Light Diesel Oil (LDO). The summary also recommended a price hike in jet fuel – JP-1 by Rs3.48 per litre, JP-4 by Rs3.47 per litre and JP-8 by Rs3.58 per litre.

Published in The Express Tribune, August 14^th, 2012.