Published On: Wed, Jan 1st, 2014
Published in Category: Islamabad

Happy New Year: Govt keeps POL price unchanged (detailed)

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ISLAMABAD: The government has given New Year gift to the price stricken masses of the country as Prime Minister Nawaz Sharif has rejected a summary to increase the oil prices by Rs 3.60 per liter.

The Prime Minister has rejected a summary of hike in oil prices to provide relief to the consumers from the New Year starting on Wednesday (today).

Despite fluctuations in the international market the price stricken masses would have to face major hike in the POL prices up to Rs 3.60 per liter.

In a summary moved by the Oil and Gas Regulatory Authority (OGRA) to the ministry of petroleum and natural resources and Finance and proposed the government not to increase the price of petroleum products and provide relief to the masses.

In this regard, a senior official of the ministry of Finance told that government will provide subsidy of Rs 5.8 billion for the month of January and old prices of petroleum products would be maintained.

Earlier, according the summary sent by the OGRA, the consumers of petrol which is mostly used in transport due to absence of CNG would have to face a hike of Rs2.91 per liter and price may increased to Rs115.67 per liter.

However, now the price of petrol will stand at its old price which is Rs 112.76 per liter.

Similar was the case with High Speed Diesel (HSD), which is commonly used in the agriculture sectors, where price of HSD was proposed to increase by Rs2.63 per liter. After this increase new price was to be Rs119.38. But now it will be stable for the month of January at R116.75 per liter.

Kerosene oil, which is used for cooking purposes in remote areas where Liquefied Petroleum Gas (LPG) is not readily available, was to witness a hike of Rs1.38 per liter, bringing its price up to 109.38. Now, after decision from the prime minister its current price of Rs108 per liter has been maintained for another thirty days.

The government has provided relief to the majority of the people who are living in remote areas where LPG is not available for kitchen purposes and price of Kerosene oil has kept unchanged. Price of kerosene oil was recommended to increase to Rs 1.80 per liter, bringing it to Rs103.04per liter despite its old price of Rs 101.24 per liter.

The price of High Octane Blending Component (HOBC) consumed in luxury cars was proposed to increase by Rs3.60 per liter, to Rs144.83 per liter. Its existing price of Rs141.23 has been maintained. Meanwhile price of JP-1 has also been maintained at Rs 97.44 per liter.
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