ISLAMABAD: Inflation-hit masses would find upto Rs 3.63 per litre hike in the prices of petroleum products (POL) during Ramzan as Oil and Gas Regulatory Authority (OGRA) has worked out future oil prices and dispatched the summary to the government.
Sources in Finance Ministry disclosed to Daily Times that OGRA has forwarded a summary of future oil prices to the ministries of petroleum and finance under monthly oil price review mechanism.
They said the Regulator has consulted with Oil Marketing Companies (OMCs) to get their determination regarding POL prices for next month of July as oil prices are deregulated and are being determined by the OMCs for a long time in the country.
Giving details of proposed increase in per litre POL prices, they said the OGRA in its summary has proposed increase in all POL products. They said petrol would to go up by 84 paisas, high octane blended component (HOBC) by Rs 3.63, high-speed diesel (HSD) by Rs 27 paisas, Light Diesel Oil (LDO) by Rs 22 paisas, kerosene oil by 30 paisas with start of next month July.
At present, different petroleum products are being sold including petrol at Rs 107.97 per litre, HSD at Rs 109.34 per litre, LDO at Rs 94.13 per litre, HOBC at Rs 134.63 per litre and kerosene oil at Rs 97.40 per litre.
The OGRA has consulted OMCs to get their input regarding the oil prices, especially the inland freight equalization margin (IFEM) for the transportation of POL products and dispatched the POL prices summary to the ministries of petroleum and finance for consideration and final approval, said a senior official at Finance Ministry. He said the Ministry of Finance would set the new prices as per the advice of Prime Minister Nawaz Sharif.
The sources said if the government was interested to provide relief to the already masses during upcoming Ramzan then it should decrease the share of petroleum levy imposed on petroleum products. At present on account of petroleum levy, the government is collecting Rs 8.79 per litre on petrol, Rs 11.41 per litre on HOBC, Rs 6 on kerosene and Rs 6.29 per litre on HSD, while the government is also collecting general Sales Tax at 17 percent on the sale of petrol and petroleum products.
SYDNEY - Asian shares made guarded gains on Wednesday as investors gave a resigned shrug to news ...