POL prices likely to decrease in September

ISLAMABAD: With a decrease in the crude oil prices in the international market, prices of petroleum products (POL) are likely to witness a cut up to Rs 3.68 per litre from September.  However, the relief might not be passed on to the consumers if value of rupee continues to depreciate in the days ahead.  Sources told Daily Times that price of petrol is expected to decrease by Rs 2.78 per litre, high speed diesel (HSD) Rs 2.23 per litre, high octane blended component (HOBC) Rs 3.68 per litre, light diesel oil (LDO) Rs 1.98 per litre, kerosene oil Rs 2 per litre in September. They said likely reduction in POL prices would be due to $4 per barrel decrease in the price of crude oil in global oil market. However, if value of dollar continues to show an upward trend in the near future, the consumers might be deprived of the expected relief in September, they added. Official sources said the Oil and Gas Regulatory Authority (OGRA) would hold a meeting with the Oil Marketing Companies (OMCs) for consultation in the next week. This meeting would take decision about the Inland Freight Equalization Margin (IFEM) in a bid to set the charges of transportation cost of POL products. At the end of August, OGRA would send determination of OMCs regarding future prices of oil (POL products) to the Petroleum and Natural Resources Ministry, seeking final approval for setting next month POL prices in the country, they added. Sources in power corridors said that the government would not approve hike in POL prices despite the fact that value of dollar in comparison with rupee had witnessed an upward trend. They, however, said change in POL prices for September was not out of question. The government may decide to maintain oil prices at current level for next month in the country, they maintained.

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Aaj Kal