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Business & Finance

Preparations underway to increase POL rates by Rs 6

  • The Oil and Gas Regulatory Authority (OGRA) has sent a summary of the increase in prices of petroleum products to the Petroleum Division.
15 Dec 2020

The government has completed preparations to increase the price of petroleum products by Rs 6 per liter from December 16.

According to details, the Oil and Gas Regulatory Authority (OGRA) has sent a summary of the increase in prices of petroleum products to the Petroleum Division.

OGRA has proposed an increase in the price of diesel by Rs 6.5 per liter. It has been recommended to increase the price of petrol by Rs 5 per liter. The final decision on price changes will be taken by the Finance Ministry in consultation with the Prime Minister.

In December of 2020, price of Brent crude so far is around $48.61 per barrel, while the price was $42.69 per barrel in November of 2020.

Rise in the oil prices pushing Brent back above $50 a barrel, buoyed by hopes that a rollout of the coronavirus vaccines will lift global fuel demand.