POL prices to shoot up by Rs 4.65/litre

ISLAMABAD: The nation must brace for yet another jolt in the form of a heavy hike in the prices of petroleum products (POL).
There is a likelihood of POL prices going up by up to Rs 4.65 per litre with the start of the next month. “Following the upward trend in the price of crude oil in Gulf market, per litre prices of POL would go up under the monthly oil price review mechanism,” a top official at the Petroleum Ministry said on Tuesday. He added that the price of crude in the market has increased by $3 per barrel. Accord to the estimation made so far by the quarters concerned, per litre price of petrol is to witness an increase of Rs 2.95, that of high speed diesel Rs 3, high octane blended component (HOBC) Rs 4.65, kerosene Rs 2.52, and light diesel oil (LDO) by Rs 3 per litre from June 1. Sources in the Finance Ministry have said that if the ministry does not decrease petroleum levy (PL) then petrol will once again be sold for Rs 110, and diesel for Rs 113 per litre in the open market from the next month. They also said that OGRA would finalise the Inland Freight Equalisation Margin (IFEM) on May 26. It would also consult oil marketing companies for the determination of oil prices. 

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