OGRA drops petrol bomb Petroleum prices further go up

ISLAMABAD: Oil and Gas Regulatory Authority (OGRA) has increased fuel prices from 4 to 11 percent, a move that could create fresh problems for the fragile government.The latest move announced late on Saturday saw the price of petrol (gasoline) raised to Rs 88.41 a litre from Rs 83.56, up Rs 4.85 light speed diesel to Rs 88.37 a litre from Rs 78.98, up Rs 9.39, high speed, the OGRA said in a statement.

High speed diesel went up by Rs4.42 per litre from Rs92.89 to Rs97.31. Similarly, the kerosene oil went up by Rs5.60 per litre from Rs84.01 to Rs89.61, while the high octane was raised by Rs1.80 per litre from Rs98.12 to Rs 99.92, the OGRA said.Earlier, the OGRA had advised the government to increase the prices of petroleum products in light of the increase in prices in the international market.OGRA’s summary for the price hike was forwarded to the ministry of finance, and later Prime Minister Yousuf Raza Gilani approved it.Talking to journalists here in a local hotel, Senior Executive director of OGRA Syed Jawad Naseem said that the government provided Rs 35 billion since 2010. For the month of May the provision of subsidy is Rs. 9 billion, he added.He said that increasing the prices was a compulsion as international market imposed on the country. “Situation in the Middle East put pressure on international market,” he said. – Onlinenews