Oil prices raised

The government on Wednesday increased the prices of different petroleum products in the range of Rs 0.55 per litre to Rs 4.79 per litter, effective December 1. According to a notification issued here late Wednesday, the government has increased the price of Light Speed Diesel Oil (LDO) by Rs 4.79 per litre, High Speed Diesel Oil by Rs 4.79 per litre, kerosene oil by Rs 3.48 per litre and petrol by Rs 0.55 per litre.
The Oil and Gas Regulatory Authority (Ogra) had recommended the government not to increase petrol and diesel prices but the Finance Ministry rejected the Ogra proposals. The increase in the POL prices would further increase the prices of essential food items (food inflation is already in the double-digits in the country due to increase in transportation cost).
After the current increase in the petroleum prices, major petroleum products would be sold at following prices: HOBC at Rs 106.72 per litre, premium at Rs at Rs 87.69 per litre, HDO at Rs 98.83 per litre, LDO at Rs 86.78 per litre and kerosene at Rs 89.24 per litre. According to sources in Ogra, the authority has recommended the government not to increase the prices of diesel, petrol to adjust inland freight margin, but the government ignoring the recommendations of the authority increased the diesel and petrol prices by Rs 3.48 per litre and Rs 0.55 per litre, respectively. The decision of Pakistan government has shocked many given the fact the government in the neighbouring country recently slashed POL prices to provide relief to the masses.