Another POL bomb in the offing
- After the approval of Prime Minister Imran Khan, the new prices will be applicable from September 1.
The government is ready to drop yet another petrol bomb on the public after the Oil and Gas Regulatory Authority (OGRA) has sent a summary to the government to increase the price of petroleum products by Rs 9.
After the approval of Prime Minister Imran Khan, the new prices will be applicable from September 1. According to details, OGRA has sent two proposals to the government regarding the price hike.
The first proposal has been sent in proportion to fluctuations in oil prices in the global market. It was recommended to increase the price of oil by Rs2 and light diesel by Rs1.60 per liter. Whereas, in the second proposal, OGRA has recommended increasing the price of petrol by Rs8, diesel by Rs9, kerosene by Rs4, and light diesel by Rs 4.5 per liter.
It is pertinent to mention that for the first time, the Ogra is determining the price of petroleum products on fortnightly basis and shift the Pakistan State Oil’s (PSO’s) price benchmark to Platts indexes with effect from Sept 1, 2020.
Under the new guidelines, the Oil Marketing Companies (OMCs) and refineries will determine the ex-refinery prices of petrol and HSD on Arab Gulf Platts daily FOB average for the number of days in the pricing period as the base commodity price.
The new prices of petroleum products will be fixed for 15 days.
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