(OGRA) The Oil and Gas Regulatory Authority has recommended a rise in petroleum products prices by Rs. 10 from January 2018 onwards. The devaluation of rupee against the US dollar and the rising price of crude oil in the international market have impacted the economy roughly, consequently, the regulatory body has recommended the federal government to raise petroleum products’ prices for the time being to tackle the instability.
Owing to the pressure of Pakistani rupee’s falling value on the economy, OGRA has suggested the subsequent increments:
- Rs. 5.20 per liter in petrol prices,
- Rs. 4.50 per liter in high-speed diesel (HSD) prices,
- Rs. 6.00 per liter in light diesel oil (LDO), and
- Rs. 10.00 per liter in kerosene oil prices.
If the federal government supports these recommendations made by OGRA, in that case the new prices will be effective from January 1, 2018 .
Despite the rupee devaluation in Pakistan, the crude oil has seen a price increment of $2 per barrel worldwide in the month of December.
The local currency was devalued abruptly on December 13 when the central bank withdrew its support.
Ghyias Abdullah Paracha, a central leader for All Pakistan CNG Association (APCNGA), had formerly said that instability in the exchange rate would fluctuate the prices of oil and gas, which were already rising in the international market, will badly blow Pakistan since energy is the most important import item of Pakistan.
