ISLAMABAD - Much to the dismay of inflation-hit masses, the government is likely to raise the prices of POL products upto Rs 1.15 per litre in line with the rise in international markets, sources said on Thursday. One the one hand, the government has allocated Rs two billion for Ramazan package while on the other hand Pakistan is likely to see increase in petroleum product prices by up to Rs 1.15 per litre in accordance with the rise in international prices with an objective to pass on the impact to the masses. Taking into account the average global crude prices for the whole month of July and the Inland Freight Equalisation Margin (IFEM), the Oil and Gas Regulatory Authority (OGRA) is to announce this increase at the end of this month and would be effective from August 1st, sources said ,adding, that global oil prices has witnessed a jump worth $114 per barrel on July 26th against average price of $110 in the previous month, which is ostensibly lead to an increase of upto Rs 1.15 per litre in domestic oil prices in the country thus ,adding, salt to general public woes and worries. It is note here that according to calculations based on average global crude prices by July 26th, high-speed diesel (HSD) price is expected to rise by Rs 0.50 per litre, petrol Rs 0.50 per litre, light diesel oil Re 1 per litre, kerosene oil Rs 0.90 per litre, Jet-4 Rs 1.15 per litre and Jet-8 Re 1 per litre. These prices do not include Inland Freight Equalisation Margin. Economic pundits while talking to this scribe pointed that the government has not yet deregulated IFEM, which will apparently result in different prices across the country, contrary to the current uniform rates. The government was in a fix in the matter of deregulating Inland Freight Equalisation Margin because of opposition from different political parties. Here, it is relevant to mention that on June 30th, petroleum product prices were reduced by up to Rs 3 per litre following the decline in global markets. However, High Octane Blending Component price was increased by Rs 2.21 per litre. The price of kerosene oil was not reduced as the government imposed a petroleum levy of Rs 1.59 per litre on it. It might be mentioned here that the government has deregulated prices of motor spirit, High Octane Blending Component (HOBC), light diesel oil, JP-1, JP-4 and JP-8 from June 1st and refineries and oil marketing companies are allowed to fix prices of these products on a monthly basis keeping in view the import parity price. Conversely, Oil and Gas Regulatory Authority still announces prices of these products after consultation with refineries and marketing companies and considering their estimates. It is worth mentioning that the government has allocated Rs two billion for the Ramazan package comprising of subsidies on essential items of daily use to ease the general masses already hard pressed with ever soaring inflation.