| Cut likely in POL product prices |
Updated at: 0420 PST, Friday, December 25, 2009 ISLAMABAD: The petroleum product prices will likely be cut by Rs.2.0 to 3.0 per liter with effect from January 1st next year, Geo news reported on Thursday.According to the sources of ministry of Oil and Gas, oil prices have gone down in international market on the eve of Christmas and will likely to sustain in a few days to come which may also cut POL prices here. Meanwhile, Oil and Gas Regulatory Authority (OGRA) has proposed an increase in Gas prices and cut on petroleum products, apparently to attract consumers convert from CNG, which is already short in supply. According to Oil and Gas Regulatory Authority (OGRA) sources, the prices of petroleum products will be reduced from Rs.2.0 to Rs.3.0 per litter. A decision in this regard will be made on midnight December 31, and the cut will be in effect from January 01, 2010, sources said. “The decision is taken in the view of decreasing oil prices in the international market,” OGRA sources said. The OGRA has recommended a cut of Rs.4.0/litter on petrol, Rs.3.5 on diesel, Rs.5.0 on high octane and Rs.3.0 on kerosene oil. Sources said Christmas vacations and heavy snow patterns in Europe and the US have substantially reduced petroleum consumptions and also reduced its prices in the international market. Sources further said that the OGRA has proposed an increase of Rs.78 per MMBTU on gas prices from January 01, 2010. However, a final decision will be taken on December 31, 2009, sources said, adding, the proposed increase in gas prices will increase gas rates by almost 20 percent to Rs.60 per kg. |
Subscribe to:
Post Comments (Atom)
0 comments:
Post a Comment