Govt increases POL prices again
23 August, 2012
ISLAMABAD: The federal government on Wednesday announced an increase in petroleum and oil products (POL) prices up to Rs 4.85 per litre and CNG Rs 3.21 per kg.
Adviser to the Prime Minister on Petroleum and Natural Resources Dr Asim Hussain had announced to keep POL prices unchanged for the next 15 days and termed it 'Eid gift' for POL consumers in Pakistan.
However, with the end of three-day Eid holidays, the federal government institutions brushed aside the orders of President Asif Zardari not to increase POL prices for the next 15 days, and increased them by taking support of the Economic Coordination Committee's (ECC), which linked the POL price determination on a weekly basis.
According to notification issued by the federal government's Oil and Gas Regulatory Authority (OGRA), the government increased the price of petrol by Rs 3.21 per litre, high speed diesel (HSD) Rs 4.40 per litre, light diesel oil (LDO) Rs 3.19 per litre, high octane blending component (HOBC) Rs 4.85 per litre, kerosene oil Rs 3.52 per litre, JP-1 Rs 3.48 per litre, JP-4 Rs 3.47 per litre, JP-8 Rs 3.48 per litre and E-10 Rs 3.21 per litre with an immediate effect.
A senior official of the Petroleum and Natural Resources Ministry informed our sources that the recent announcement regarding POL prices was an open violation of the ECC decision, adding that it was decided that implementation of the decision regarding price determination on weekly basis would be carried out from September 1.
However, the ministry decided not to increase POL prices due to Eid and termed this move 'Eid gift' for Pakistanis.
After the increase in POL prices, new prices of petrol will come up to Rs 96.78 per litre from existing Rs 93.57 per litre, HOBC to Rs 125.01 per litre from 120.16, HSD to Rs 106.19 from Rs 101.79 per litre, kerosene oil to Rs 96.35 from Rs 92.83 per litre, LDO to Rs 93.30 from existing Rs90.11, E-10 Rs 94.28 from Rs 91.07 per litre, JP-1 Rs 85.84 from Rs 82.36 per litre, JP-4 Rs 77.51 from Rs 74.04 per litre and JP-8 Rs 85.53 from Rs 82.05 per litre for last week of August.
The All Pakistan CNG Association (APCNGA) and the government have signed an agreement regarding CNG prices. According to the agreement, prices of CNG were linked with 60 percent equality of petrol prices. So, the increase in petrol prices has caused the hike of CNG by Rs 3.21 per kg in both region-1 and region-2.
CNG price has been raised to Rs 88.61 from Rs 85.67 per kg in region-1, including the areas of KP, Balochistan and Potohar regions (Rawalpindi, Islamabad and Gujar Khan) and Rs 80.94 from Rs 78.26 per kg in region-2, including the areas of Sindh and Punjab.
All Pakistan CNG Association's (APCNGA) Chairman Ghayas Paracha strongly rejected the recent increase in the prices of POL products and demanded the government to reverse the decision.
According to various reports from major cities, including Islamabad, Rawalpindi, Lahore, Faisalabad, Gujranwala, Karachi and Peshawar, it was revealed that petrol pump owners immediately closed down their businesses in the wake of the increase.
A high-level parliamentary panel also recommended OGRA and the ministry to revise the monthly price mechanism, but to no avail.
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