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Pakistan: Petrol prices jacked up in Ramadan
ISLAMABAD, (The News): In another blow to consumers already grappling with inflation and power outages in the holy month of Ramazan, the Oil and Gas Regulatory Authority (Ogra) has increased the prices of POL products and CNG with immediate effect. From August 1, petrol prices will be increased by Rs7.67 per litre while that of CNG will rise by Rs7.02 per kg.
The raise comes in the wake of rising prices of crude oil in the international market, where the price of one barrel has shot up by $4.50 in the last 14 days. Interestingly, Ogra had earlier recommended to the government that it reduce the petroleum levy instead of increasing the prices. However, constrained by fiscal pressures, the government has chosen to pass on the full impact of the increase to end consumers.
Under the notification issued by Ogra, the price of petrol has increased by Rs7.67 per litre, the price of High Octane Blending Component by Rs7.64 per litre, high speed diesel by Rs4.58 per litre, kerosene oil by Rs4.49 per litre and the price of light diesel oil has increased by Rs4.64 per litre. As a result, the new price of petrol will be Rs93.57 per litre, HOBC Rs120.16, HSD Rs101.79, kerosene oil Rs92.88 and of light diesel oil Rs90.11 per litre.
The increase will also apply to CNG prices: in Region-1, the price of CNG has been increased by Rs7.02 per kg and by Rs6.34 per kg in Region-2. The new price of CNG will be Rs85.67 per kg in Region-1 (Potohar, Balochistan and KPK) and Rs78.26 in Region-2 (Punjab and Sindh).
In a bid to capitalise on the increase, petrol pumps and CNG stations across the country refused to sell their stocks till the Ogra notification was issued. Meanwhile, federal and provincial governments as well as Ogra failed to penalise the hoarders.
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