Inflationary pressure: Oil prices likely to rise up to Rs4.71 per litre
Fluctuations in international market putting pressure on local prices.
Sources said that the finance ministry may oppose Ogra’s proposal as its priority is increased revenue collection. CREATIVE COMMONS
ISLAMABAD:
Consumers are likely to face consecutive hikes in oil prices which are likely to go up by Rs4.71 per litre effective from September 1, following fluctuations in global oil prices.
The government had raised oil prices by Rs4.99 per litre for the ongoing month of August.
However, in a summary moved by the Oil and Gas Regulatory Authority (Ogra) to petroleum and finance ministries on Friday, Ogra proposed not to pass on the increase in oil prices by adjusting the rate of Petroleum Levy (PL) on petroleum products to provide relief to the consumers. Officials said that consumers would be facing an increase in inflation if the government raised oil prices for next month of September.
Sources said that the finance ministry may oppose Ogra’s proposal as its priority is increased revenue collection. However, the final decision will be taken by the prime minister.
The federal government will send a notification about new prices today (Saturday) after approval by Prime Minister Nawaz Sharif.
According to a summary, the consumers of High Speed Diesel (HSD), which is used mostly in the transport and agriculture sectors, may face an increase of Rs3.57 per litre, which will bring its price up to Rs113.33 from the existing R109.76 per litre.
The price of petrol may go up to Rs4.64 per litre from the current Rs104.50 to Rs109.14 per litre.
Kerosene oil, which is used for cooking purposes in remote areas where Liquefied Petroleum Gas (LPG) is not readily available, may witness a hike of Rs4.71 per litre, bringing its price up to Rs105.99 per litre from the current Rs101.28.
The price of Light Diesel Oil (LDO), which is used mainly for industrial purposes, may witness an increase to the tune of Rs2.31 per litre, bringing the price to Rs98.43per litre from the current price of Rs96.12.
The price of High Octane Blending Component (HOBC), used mainly in luxury cars, may increase by Rs5.89 per litre, to Rs138.33 per litre, from the existing Rs132.44.
The price of JP-1 may witness a hike of Rs10, JP-4 Rs4.12 and JP-8 Rs4.40 per litre bringing prices to Rs 99.88, 86.46 and Rs 93.95 per litre respectively.
Published in The Express Tribune, August 31st, 2013.
Consumers are likely to face consecutive hikes in oil prices which are likely to go up by Rs4.71 per litre effective from September 1, following fluctuations in global oil prices.
The government had raised oil prices by Rs4.99 per litre for the ongoing month of August.
However, in a summary moved by the Oil and Gas Regulatory Authority (Ogra) to petroleum and finance ministries on Friday, Ogra proposed not to pass on the increase in oil prices by adjusting the rate of Petroleum Levy (PL) on petroleum products to provide relief to the consumers. Officials said that consumers would be facing an increase in inflation if the government raised oil prices for next month of September.
Sources said that the finance ministry may oppose Ogra’s proposal as its priority is increased revenue collection. However, the final decision will be taken by the prime minister.
The federal government will send a notification about new prices today (Saturday) after approval by Prime Minister Nawaz Sharif.
According to a summary, the consumers of High Speed Diesel (HSD), which is used mostly in the transport and agriculture sectors, may face an increase of Rs3.57 per litre, which will bring its price up to Rs113.33 from the existing R109.76 per litre.
The price of petrol may go up to Rs4.64 per litre from the current Rs104.50 to Rs109.14 per litre.
Kerosene oil, which is used for cooking purposes in remote areas where Liquefied Petroleum Gas (LPG) is not readily available, may witness a hike of Rs4.71 per litre, bringing its price up to Rs105.99 per litre from the current Rs101.28.
The price of Light Diesel Oil (LDO), which is used mainly for industrial purposes, may witness an increase to the tune of Rs2.31 per litre, bringing the price to Rs98.43per litre from the current price of Rs96.12.
The price of High Octane Blending Component (HOBC), used mainly in luxury cars, may increase by Rs5.89 per litre, to Rs138.33 per litre, from the existing Rs132.44.
The price of JP-1 may witness a hike of Rs10, JP-4 Rs4.12 and JP-8 Rs4.40 per litre bringing prices to Rs 99.88, 86.46 and Rs 93.95 per litre respectively.
Published in The Express Tribune, August 31st, 2013.