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.
