Ogra suggests hike, cut in oil prices

Ogra suggests hike, cut in oil prices

ISLAMABAD: The Oil and Gas Regulatory Authority has sent a summary to the Petroleum and Natural Resources Ministry seeking its nod to a notification about prices of petroleum products for month of June, sources told Media on Thursday.

“The petroleum ministry, under monthly oil price mechanism, is likely to give a go-ahead to the regulatory body about notifying prices of petroleum products on Friday (today) after getting a green signal from the Finance Ministry,” sources said.The regulator also asked the ministry to settle per liter price of petrol at previous level by making adjustments to the petroleum levy.

In Ogra summary, a mixed trend of oil pricing is obvious in determination of oil prices of petroleum products, where an increase of up to Rs2/litre and decrease of up to Rs1.46/litre has been recommended for petroleum oil and lubricants.The regulatory body suggested an increase of Rs2/litre in petrol cost, and Re0.84/litre for high-octane blended component (HOBC).

Besides, it proposed a decrease of Rs1.46/litre in price of high speed diesel (HSD), Re0.38/litre for kerosene oil, Re0.7/litre for light diesel oil.If proposed prices of petroleum products get nod of the petroleum and finance ministries, new price of petrol after Rs2/litre increase will stand at Rs99.59/litre, and HOBC after a hike of Re0.84/litre may shoot up to Rs94.55/litre.After a proposed cut of Rs1.46/litre, price of diesel is likely to stand around Rs104.6/litre, and that of light diesel oil at Rs 88.99/litre. The proposed oil prices however will be effective after issuance of the notification from Ogra. – Nation