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Ogra recommends up to Rs5.27/litre cut in POL rates

31 January, 2014

ISLAMABAD: Good news for over-burdened masses is that the oil and gas regulatory authority (Ogra) has recommended up to Rs5.27/litre decrease in the prices of petroleum products to the government with the start of next month of February.

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ISLAMABAD: Good news for over-burdened masses is that the oil and gas regulatory authority (Ogra) has recommended up to Rs5.27/litre decrease in the prices of petroleum products to the government with the start of next month of February.

Well-informed sources aware of the development told The Nation that ostensibly due to increase in the value of Pak rupee and downward trend witnessed in the price of crude oil in the international oil market, regulatory authority (Ogra) in its future oil prices summary has recommended decrease in POL prices under monthly oil price review mechanism.  Quoting the summary, they said that the regulator has asked to decrease per litre price of petrol by Rs3.04, high speed diesel (HSD) by Rs5.27, Kerosene oil by Rs4.50, and light diesel oil (LDO) by Rs4.28 with the start of February. On the other hand, sources in finance ministry informed that the ministry is all out to maintain POL prices at the current level by increasing the fixed share of petroleum levy (PL) already imposed on oil prices. They said that if the finance ministry increased the share of PL then per litre price of petrol instead of witnessing decrease would be at current level of Rs112.76, HSD at Rs116.75, and LDO at Rs101.24 in the open market of the country during the upcoming month. "Price of Kerosene oil would witness decline by Rs1.49/litre at any cost in comparison with other POL products despite increase in the share of already fixed PL on oil prices," a senior official at petroleum ministry said on the condition of anonymity. He also said that inflation hit masses already bearing the brunt of sky rocketing prices of POL products for a long time would find relief if the government approved the recommendation of Ogra. The Ogra has dispatched oil prices summary after completing necessary consultation with oil marketing companies (OMCs) to meet the requirement prior to sending the summary to the ministry of petroleum and natural resources and ministry of finance following the deregulation of POL prices in the country.

Courtesy: The Nation


 
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