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Meagre relief for Petroleum consumers,POL prices slashed
Meagre relief for Petroleum consumers,POL prices slashed
Posted by Spell Bounderon 17:23in
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The sudden move of the government to de-regulate prices of petroleum products on Tuesday without any proper working forced the Oil and Gas Regulatory Authority (OGRA) to announce cut in oil prices of only three products by up to Rs 5.05 per litre, effective from today (Wednesday). The government's failure to notify prices of some products has given an opportunity to oil lobby to mint money from the consumers by charging the existing rate of products. However, the government has not implemented the decision of Economic Coordination Committee (ECC) to deregulate Inland Freight Equalisation Margin (IFEM). OGRA has notified reduction in prices of petrol by Rs 1.70 per litre, kerosene oil by Rs 5.05 per litre and High Speed Diesel (HSD) Rs 3.20 per litre. The new prices of petrol, kerosene oil and HSD would be Rs 86.71 per litre, Rs 84.65 per litre and Rs 94.11 per litre respectively. OGRA will notify prices of High Octane Blending Component (HOBC), JP-1, JP-4 and JP-8 today (Wednesday). Addressing a press conference, OGRA spokesman, Syed Jawad Naseem, said that the government had de-regulated prices of all petroleum products except kerosene oil, effective from June 1. OGRA will monitor the prices of petroleum products to ensure Oil Marketing Companies (OMCs) do not overcharge in de-regulated mechanism. "OGRA Ordinance has been sent to the Cabinet Division that will be vetted by Law Ministry," official said
