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Ogra proposes hike in prices of petroleum products

Ogra proposes hike in prices of petroleum products

ISLAMABAD: The Oil and Gas Regulatory Authority (Ogra) has recommended to increase the prices of diesel and Light Diesel Oil (LDO) by Rs2.47 and Rs1.1 a litre respectively for February.

However, it recommended a reduction of Re0.06 and Re0.66 a litre in the prices of petrol and kerosene respectively. Interestingly, the Brent Oil price on the market has reduced by almost $10/barrel in one month.

On January 30, 2020, its price was $57.45/barrel against $67.45/barrel recorded on Dec 30, 2019. Its price was $62.55/barrel on November 29, $61.15/barrel on October 30, and $62.22/barrel on September 27.

An official said the Ogra had forwarded the summary to the Ministry of Energy (Petroleum Division) which would then forward it to the finance ministry for final approval before making it public.

The government would take a decision on the recommendations on Friday (today). In case of acceptance, diesel price will go up from Rs127.26 to Rs129.73/litre and of LDO from Rs84.51 to Rs85.61/litre.

The petrol price, however, will remain almost the same and that of kerosene will come down from Rs99.45 to Rs98.79/litre, sources told The News on condition of anonymity on Thursday.

It is also worth mentioning that since July 2019, Pakistan has been receiving monthly oil supplies worth $275 million from Saudi Arabia. Under this arrangement, Pakistan will get $9.9 billion over three years.