OGRA recommends hike in POL prices

F.P. Report

ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) has recommended the government to increase price of Petroleum products despite the 35 percent decrease in international oil prices.

According to reports, OGRA recommend increase of Rs5.21 per liter of petrol and high speed diesel (HSD) by Rs2 per liter for December 2018.

OGRA also proposed an increase of Rs9.91 per liter in price of kerosene oil and Rs7.79 per liter increase in light diesel oil (LDO) price.

According to a working paper moved to Energy Ministry (Petroleum Division) and Ministry of Finance, the OGRA has proposed to increase per liter prices of petroleum products by Rs9.91.

Prime Minister Imran Khan will give final approval on OGRA’s recommendation, while the new prices would come into effect from December 1.

Earlier, it was reported that the prices of the petroleum products are likely to decrease by up to Rs7 per litre in the domestic market in December, as the same has witnessed a sharp decline of 30 percent in the international market.

The oil has fallen by over 7pc to $50.42 in the US market. Within seven weeks, the price has decreased by over 30pc. Analysts believe that govt would likely give relief to inflation-riddled consumers.

The post OGRA recommends hike in POL prices appeared first on The Frontier Post.

from The Frontier Post https://ift.tt/2QqasmD