Up to Rs4.51 per litre decline in POL prices on the cards

 

ISLAMABAD: The Oil and Gas Regulatory Authority (Ogra) has asked the government to decrease the price of petroleum products by up to Rs4.51 per litre from May 1, 2014.
As per the summary Ogra has sent to the Ministry of Petroleum and Natural Resources, prices in the international markets have surged considerably owing to which a lower reduction in POL prices has been proposed.

The reduction in the price of petrol has been proposed by Re0.34 per litre, which is very nominal. However, decrease in the price of High Speed Diesel has been proposed at Rs4.51 per litre, which will provide a reasonable solace to the masses as most of the transportation of all kinds of goods, including kitchen items, takes place on diesel-fired vehicles.

The reduction in the price of diesel will help reduce the prices of daily use items. The price of kerosene oil is proposed to be decreased by Rs3.08 per litre, Light Diesel Oil Re0.94 per litre and High Octane Blending Component (HOBC) Rs1.94 per litre.

Though dollar depreciated against the Pak Rupee yet consumers will not get the required relief just because of the fact that the price of petrol has surged to a reasonable level in the global market and this has deprived the consumers of petrol Rs1.20 per litre relief.

According to official sources, the Ministry of Finance is already collecting revenue from taxes on petroleum products and petroleum levy as per the current budget due to which relief in the POL prices recommended by Ogra will be passed on to consumers of all categories.

This means that the new price of petrol (motor gasoline) will be Rs107.97 per litre from May 1, 2014, High Speed Diesel Rs109.34 per litre, Light Diesel Oil Rs 94.13 per litre and kerosene oil Rs 98.07 per litre.

OGRA sends summary for POL decrease

ISLAMABAD: OGRA has sent the summary recommending a decrease in the price of petroleum products to the Ministry of Petroleum.

OGRA has recommended an Rs0.34 decrease in the per litre price of petrol, Rs4.51 in diesel and Rs8 in the price of kerosene oil.

OGRA has also recommended to decrease the per litre price of light diesel by Rs0.93 and HOBC by Rs1.94.

POL prices reduced on PM orders

ISLAMABAD: Petroleum prices have been reduced on the directives of prime minister, said spokesman for the Prime Minister on Monday.

Prices of petrol, High Octane , High Speed Diesel, Kerosene Oil and Light Speed Diesel have been reduced by Rs 1.72, Rs4.66, Rs2.90, Rs5.61 and Rs5.16 respectively.

The spokesman said that the prime minister’s decision was aimed at passing on the benefit of decline in dollar prices to the people.

POL prices reduced on PM’s order

ISLAMABAD: The government has announced a reduction in the prices of petroleum products from midnight Monday.

According to a spokesman of the Prime Minister’s House, Prime Minister Nawaz Sharif on Monday directed reduction in POL prices immediately.As a result, the price of petrol has been reduced by Rs1.72 per litre and its new price will be Rs108.31 per litre.

Meanwhile, the price of kerosene has been reduced by Rs5.71 per litre, high octane Rs4.66 per litre, light diesel Rs5.6 per litre and high speed diesel has been reduced by Rs2.90 per litre. The revised price takes effect from midnight.

It may be mentioned here that the Oil and Gas Regulatory Authority (Ogra) had recommended a decrease in the petroleum prices last week.Ogra had also forwarded a summary to the government recommending a decrease in the prices of petroleum products.

Earlier, Finance Minister Muhammad Ishaq Dar met the prime minister on Saturday and apprised him of the economic situation of the country. During the meeting, the finance minister told the prime minister that since the dollar exchange rate against Pak Rupee was hovering around Rs98, therefore, imports would receive positive impetus.Keeping in view these factors, the prime minister directed to pass on the benefits of currency stabilisation to the common man.

Ogra proposes deep cuts in POL prices from April 1

 

ISLAMABAD: The Oil and Gas Regulatory Authority (Ogra) has recommended a reduction in prices of POL products by up to Rs5.61 per litre from April 1, 2014, in what may be a major relief for the people.
The prices of POL products have tumbled in the international market and on top of that the US dollar has also depreciated by 7-8 percent. The impact of both the factors will be translated into relief in prices of petroleum products that will also help scale down inflation in the country.

Ogra, the regulator, has sent its summary to the government with recommendations to bring down the petroleum products prices by Rs5.61 per litre.In the summary sent to the Ministry of Petroleum and Natural Resources, a copy of which is available with The News, Ogra has proposed a reduction in the price of petrol by Rs1.72 per litre, HOBC (high octane blending component) by Rs4.66 per litre, LDO (light diesel oil) Rs5.16 per litre and High Speed Diesel (HSD) by Rs2.16 per litre. Also, Ogra has recommended reduction in the prices of kerosene oil by Rs5.61 per litre.

Ogra has worked out the reduction in the prices of HSD by Rs2.16 per litre by including Re0.18 per litre, which the ECC has approved as the crude transportation cost of HSD to the Pak-Arab Refinery Company (Parco).

In case the Finance Ministry honours the recommendations of Ogra, the new prices of petrol will stand at Rs108.31 per litre from April 1, HOBC Rs136.57 per litre, kerosene oil Rs101.15 per litre, HSD Rs113.85 per litre and LDO Rs95.06 per litre.

The government is under pressure to ensure relief to the masses because of reduction in oil prices in the global market and depreciation of dollar against the Pakistani Rupee and to this effect Finance Minister Senator Ishaq Dar has time and again promised that relief will be passed on to the people.