The government is all set to increase oil price in line with the hike in global oil prices effective December 1, 2010. Oil and Gas Regulatory Authority (Ogra) will notify the price rise today (Tuesday).
Sources told Business Recorder that price of petrol will increase by Rs 1.73 per litre, HOBC by Rs 2.17 per litre, High Speed Diesel (HSD) by Rs 2.14 per litre, Light Diesel Oil (LDO) by Rs 2 per litre, kerosene oil (SKO) by Rs 1.58 per litre, Rs 1.78 per litre JP-4, and Rs 1.57 per litre JP-8.
The new price of petroleum products will be: Rs 74.69 per litre petrol, Rs 88.84 per litre HOBC, Rs 80.47 per litre HSD, Rs 68.61 per litre LDO, Rs 72.53 per litre SKO, JP-4 Rs 50.69 per litre ex-refinery price and Rs 59.23 per litre for defence and JP-8 Rs 52.59 per litre for ex refinery and Rs 61.53 per litre for defence.
Meanwhile according to a statement issued by Ogra, the price trend in the international oil market during the current month (November 2010) showed a rising trend as compared to last month (October 2010). The average price of kerosene remained 95.61 $/bbl in the current month as compared to 92.38 $/bbl last month.
Similarly, this rising trend was also observed in the price of HSD and petrol. Last time the average international price of HSD was 90.88 $/bbl whereas this month it has been raised to 94.19 $/bbl. In case of petrol the average price for last month was 87.33 $/bbl whereas in the current month it has been raised to 90.38 $/bbl. However, this time the exchange rate showed an improvement as compared to last month. This month the average exchange rate remained Rs 85.6656 per USD as compared to Rs 86.1266 last month.
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