Global increase in oil prices: Massive hike in POL products’ prices worked out

ISLAMABAD: The Oil and Gas Regulatory Authority (Ogra) Wednesday again worked out a massive increase in the petroleum products’ ex-depot prices for the first half of October owing to global hike in oil prices and exchange rate, high-level sources in the authority said.

In a fortnightly review, the Ogra recommended the federal government to increase the price of petrol by Rs5.30 per litre and High Speed Diesel (HSD) by Rs3.75 per litre following the increasing price of oil in the last 15 days, the sources said.

In case the government agrees with the proposed hike in the price of petrol, the new ex-depot price of petrol will be Rs128.80 per litre or 4.4 percent from Rs123.30 per litre and HSD will be at Rs123.79 per litre or 3.1 percent increase from Rs120.04 per litre.

POL products: Ogra works out massive price increase

The final announcement of the POL prices will be taken by the Finance Division by adjusting rate of general sale tax (GST) and petroleum levy (PL) today (Thursday).

The new prices will be effective from October 1 to 15.

Oil prices gained in the last two weeks with Brent at its highest since October 2018 and heading for $80, as investors fretted about tighter supplies because of rising demand.

Copyright Business Recorder, 2021