Economics & Business

Decision taken to scale up petroleum products prices by Rs 10

ISLAMABAD: Ministry of petroleum has decided to work out summary for enhancing prices of petroleum products by Rs 10 to 13 per liter from next month. Well placed sources from petroleum ministry told that PML-N , PML-Q and MQM had voiced their reservations last month in the meeting of parliamentary committee constituted for reviewing the prices for petroleum products. Therefore, decision was taken in the pursuance of directives of Prime Minister (PM) Syed Yousuf to keep in tact the prices of petroleum products in the month of February. This way government had to sustain loss of Rs 7.50 billion rupees for allowing subsidy on this count.

Sources told Online petroleum ministry officials had described the increase in prices inevitable in the wake of prevailing situation and increase in petroleum product prices in international market. The ministry has decided to evolve summary in this regard whereby the prime minister will be requested to raise the prices of petroleum products from Rs 10 to Rs 13 per liter.

Sources told as per recommendations of ministry price of petrol would likely to be scaled up by Rs 10.97 per liter, high octane Rs 13.46 per liter, kerosene oil Rs 9.96 per liter, high speed diesel Rs 11.99 per liter and light speed diesel Rs 12.22 per liter.

Prices of petroleum products were kept unchanged last month, therefore, petrol was available at the rate of 72.96 per liter, high octane Rs 86.67 per liter, kerosene oil Rs 70.95 per liter and light speed diesel Rs 66.61 per liter.

On the other hands PSO has deferred tenders floated for importing petroleum products and financial constraints were stated to be main reason behind this deferment. All the other sectors including power sector have to pay outstanding arrears of Rs 158 billion to PSO. It may be recalled that PSO is perpetuating monopoly over diesel import despite deregulation while PSO rather than OGRA determines the prices of diesel during monthly review.-ONLINE

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Mian Ahsan Liaqat

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