ISLAMABAD - PPP-led Federal government has dropped a fuel bomb on the masses while jacking up the prices of Petroleum Oil and Lubricant (POL) products upto Rs 7.67 per litre and price of Compressed Natural Gas (CNG) also pumped up by Rs 7.02 per kg for first half of August.
The government while setting aside the suggestions of Oil and Gas Regulatory Authority (OGRA) to maintain the oil prices at current level by decreasing the ratio of Petroleum Levy (PL) has finally approved this gigantic increase in the prices of petroleum products that has caused heavy surge in prices of CNG for the next fortnight.
According to OGRA notification, revised price of petrol with a raise by Rs 7.67 per litre would stand at Rs 93.57 per litre, High Speed Diesel (HSD) oil with a surge worth of Rs 4.58 per litre would be available at Rs 101.79 per litre, while price of High Octane Blended (HOBC) after a raise worth Rs 7.64 per litre would be available at Rs 120.16 per litre and the price of kerosene oil with a raise by Rs 4.64 per litre would be available at Rs 92.88 per litre.
Similarly, after the decision of revision in the price of petrol for next fortnight, the prices of CNG would also witness hike in the country.
The new price of CNG for Region-I after a raise of Rs 7.02 per kg would be available at Rs 85.67 per kg in Khyber Pukhtunkhwa and Potohar region while with a surge of Rs 6.34 per kg would be available at Rs 78.26 per kg in Punjab.
Lahore staff reporter adds:
LPG retail prices are likely to increase by Rs19 per kg following the increase in Saudi Aramco Contract Price for August which rose by USD 173 per tonne, said Bilal Jabbar the spokesman for the LPG Association of Pakistan.
The new Saudi Aramco CP announced on July 31st stood at USD 775 for both propane and butane. The sharp escalation is due to an increase in the price of oil and increased demand for LPG from China and other countries.
LPG producer prices which are indexed to the Saudi Aramco CP will therefore increase by Rs 19,000 from Rs 66,010 to Rs 85,010 per tonne.
The impact of this escalation will result in an increase of Rs. 223 for domestic cylinder and Rs. 860 for commercial cylinder.
LPG retail prices are expected to be as follows; Sindh and Balochistan Rs 115 per kg; Punjab Rs. 125 per kg, KP and AJK Rs 130 per kg and Northern Areas Rs 140 per kg, said Bilal.
The Government of Pakistan accounts for 70 per cent of the country’s LPG production and will be the most direct and immediate beneficiary of the price-hike.
Fuel prices on fire