The Ministry of Finance has approved the summary envisaging increase in prices of all petroleum products, except high speed diesel. The government has decided to increase the prices of petrol by Rs 1.41 per litre and of Compressed Natural Gas (CNG) by Rs 1.29 per kg from July 16 for the next fortnight. Sources said the new price of CNG in region-I (Khyber Pakhtunkhwa, Potohar and Balochistan) would now stand at Rs 78.65 per kg and in region-II (Punjab and Sindh) at Rs 71.92 per kg. A few days ago, the Oil and Gas Regulatory Authority (OGRA) had sent a summary to the government asking for the reduction in POL prices, but the Ministry of Petroleum and Natural Resources returned the summary arguing OGRA could not recommend a reduction and could only work out the prices in line with the fluctuating trends in the international market. So OGRA, in a revised summary to the government, recommended raise in POL prices that included an increase in the price of petrol by Rs 1.41 per litre, HOBC by Rs 5.64, kerosene oil by Rs 1.93 per litre and light diesel oil by Rs 1.62 per litre. However, the government has decided to maintain the price of high speed diesel at the existing level against the recommendation. The new price of petrol will be Rs 85.90 per litre, HOBC Rs 112.52 per litre, Kerosene Oil at Rs 88.19 per litre and Light Diesel Oil at Rs 85.33 per litre.
