Ogra Decides To Increase Petroleum Prices in January 2017
The Oil and Gas Regulatory Authority (Ogra) has decided to raise the petroleum prices in the country by January. Ogra said that the increase in petrol price is due to an uptrend on the global market.
In this regard Ogra has forward the summery to the Ministry of Petroleum, in which they showed that prices of kerosene and diesel were increased the most.
Ogra has made the calculation for the next month on the regular prices of petroleum products and the crude oil during the departing month. According to an official of Ministry of Petroleum, there is a traditional rise in prices of kerosene and the diesel fuels throughout November and December due to increase demands from most countries.
Ogra Proposed To Increase Petroleum Prices as mentioned below:
Ogra has proposed to increase Rs6.93 a litre in kerosene prices, which now stand at Rs50.18 a litre for January 2017.
On the other hand the price of high-speed diesel (HSD) has been raised by Rs3.94, to Rs79.16 a litre.
HSD is the top vending petroleum fuel in the country, as it is used by the large generators and heavy vehicle engines.
On the other hand the price of light diesel oil (LDO) has been increased by Rs3.48, to Rs46.82 a litre. LDO is consumed by the small engines and mills mostly operated in rural areas.
Though, a minimal surge of 31 paise has been intended by Ogra in petrol prices which have been raised to Rs66.58 a litre.
The three main aviation fuels including JP-1, JP-4 and JP-8 got the increase in price ranging between Rs4 and Rs6.
Though, a petroleum ministry official continued that the latest surge in global oil prices was generally due to a contract got by Organisation of Petroleum Exporting Countries (Opec) and some non-Opec members to decrease their production. However the contract is possible to begin from 1st January, 2017, as its impact is already visible.
The price of Opec basket of fourteen crude oils design to around $52 a barrel in December compared to around $43 a month earlier.
Simultaneously, the regular price of US benchmark West Texas Intermediate crude oil was $54 while the Brent crude was $56 a barrel in December.
In the same way, rates of oil fuel also increased in December. Officials guess that petroleum prices would remain to increase in January under the influence of global contract to cut oil production.
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