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Govt Set to Give New Year Gift by Soaring Petroleum Prices Upto Rs 13 Per Litre

Govt Set to Give New Year Gift by Soaring Petroleum Prices Upto Rs 13 Per Litre

Sumera Saeed | December 29, 2017 | category: News

Govt set to give new year gift by soaring Petroleum prices upto Rs 13 per litre. The incumbent government is all set to give new year’s costly gift to its masses as prices of petroleum are scheduled to be increased upto Rs. 13.

As final phase of the government’s period is going on and almost five months are left in completing its tenure, it is leaving no stone unturned to impose taxes and soaring prices of essential commodities. According to media reports, the petroleum prices would shoot up till Rs 13 on the eve of new year.

Majority of Pakistanis who belong to lower middle class, own motorcycle as their ride was already annoyed with increase of Petrol prices as during the last two to three months, the price of petrol has had been increased upto Rs 11n per litre so far.
The upward trend started when Petrol was being sold at Rs 68 per litre and now it is being sold at Rs 77. 47 per litre and after increase it will reach to almost Rs 82 per liter. This increase in Petroleum prices would not only affect the majority of motorcyclists but transporters who have increased fares on various long routes, would like to increase fares.
According to details, the fuel prices will go up as high as Rs 13. The authorities have decided to add Rs 4.06 in the per litre value of petrol. The price of high-speed diesel would be increased by Rs 5.83 per litre while there will be at least Rs 12.49 per litre increase in the price of light diesel.
The highest price spike will be seen in the rate of kerosene oil. Rs 13.58 per litre increase is likely to be witnessed in its price.

The formal approval to raise oil prices will be given by the Ministry of Finance after the Oil and Gas Regulatory Authority (OGRA) sends its summary.
The Ministry of Petroleum and Ministry of Finance will seek final approval from Prime Minister Shahid Khaqan Abbasi on petroleum products. It is worth mentioning that the government had hiked prices of petroleum products for the month of December.
During 2017 petrol price was up by 20.5 percent to Rs 77.47 per liter, high speed diesel was up by 18.5 percent to Rs 85.95 per liter, light diesel oil rose 20.25 percent to Rs 57.58 per liter and kerosene oil price was up by 33 percent to Rs 57.58 per liter.

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OGRA Likely to Decrease Petroleum Prices

Sumera Saeed | May 29, 2017 | category: News

The Oil & Gas Regulatory Authority (OGRA) has a plan to decrease the petroleum prices. In this regard they has outlined a summary and sent the recommendation to Petroleum Ministry.

The outlined summery by regulatory authority has suggested that the petrol price should be decreased by Rs 2.10 per liter, Rs 1.80 per liter reduction in high speed diesel, Rs 1.50 per liter in light speed diesel while the price of Kerosene oil is also likely to drop by Rs 3 per liter.

According to sources the new petroleum prices will be applied from 1st June 2017, after the approval of Ministry of Finance.

Ogra Decides To Increase Petroleum Prices in January 2017

Ogra Decides To Increase Petroleum Prices in January 2017

Sumera Saeed | December 30, 2016 | category: Autos and Vehicles

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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