The last oil price revision was introduced on January 22. PHOTO: FILE
In its last few days in power, the government has decided to raise oil prices by up to Rs4.35 per litre — a decision that takes effect from today (Friday).
However, the Oil and Gas Regulatory Authority (Ogra) has opposed the increase in oil prices and recommended that the hike should be adjusted in the budgetary provision.
The regulatory body said that the rate of petroleum levy on petroleum products should be slashed to absorb the impact of oil prices. However, the government has turned down Ogra’s proposal and decided in principle to increase prices.
The last oil price revision was introduced on January 22.
According to a notification, the prices of all products, including High Speed Diesel (HSD), Light Diesel Oil (LDO) and kerosene oil, have been jacked up.
The price of high speed diesel (HSD) – mostly used in the transport and agriculture sector – has been increased by Rs4.35 per litre which will likely lead to an uptick in inflation. Diesel will now be sold at Rs113.56 after sharp increase in the price against the current Rs109.21 per litre.
The price of petrol has registered a hike of Rs3.53 per litre. In many parts of the country especially Punjab, the CNG sector is facing load shedding and motorists now often depend on petrol. The price of petrol has been increased from the existing Rs103.07 to Rs 106.60 per litre.
The price of Light Diesel Oil (LDO) has been increased by Rs3.93 per litre bringing its price up to Rs98.26 per litre against the current Rs94.33.
The price of kerosene oil has also been increased by Rs3.79 per litre and will be retailed at Rs103.69 per litre against its current Rs99.90 per litre price.
Published in The Express Tribune, March 1st, 2013.
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This is not a farewell gift to the people but to the ruling party itself who would have received millions from orga for this price hike of all petroleum products. The former orga chief Tariq who is a close relative of PPP MPA was arrested recently for Rs 85 billions embezzlement case.
This is not a farewell gift to the people but to the ruling party itself who would have received millions from orga for this price hike of all petroleum products. The former orga chief Tariq who is a close relative of PPP MPA was arrested recently for Rs 85 billions embezzlement case.
What else can be expected from this government?
Evrything else has been done, only awaited this news!