Oil prices raised again

ISLAMABAD: The Oil and Gas Regulatory Authority on Sunday announced an increase in the prices of petroleum products for the next fortnight. The price of petrol has been raised from Rs 56.29 to Rs 57.70 per litre, the price of kerosene oil has been increased from Rs 32.87 to Rs 35.23 per litre and the price of diesel has been raised from Rs 37.18 per litre to Rs 38.73 per litre, said the OGRA announcement. The OGRA spokesman said that Pakistan imports 82 percent of its requirement and the record rise in prices in international market was the main reason for the increase in domestic prices. “The government of Pakistan has already suffered huge revenue losses - around Rs 66 billion - due to the capping of prices from May 2004 and then again in October 2005 to now,” he added. staff report

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