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Price hike in international market caused raise in petroleum products.

ISLAMABAD, November 02, 2010 (Balochistan Times): Petroleum sector experts on Tuesday said that main reason behind the recent increase in petroleum products was the price hike in international market. According to them, the government has increased the price of petrol by Rs 5.91 per litre in line with increase in global oil prices, effective from November 1st. They said oil prices in the international market were climbing up for the past several months, however, the government did not pass on the rise in prices to the general public. They expressed the hope that the government will evolve a strategy to give relief to the masses and suggested to establish stabilization fund to absorb high prices of oil in the international market and to comfort people. They said price hike was long due, as the government was holding back the petrol prices for quite a long time. When contacted, concerned government officials said that Oil and Gas Regulatory Authority (OGRA) has increased petroleum prices because of hike in oil prices internationally and also because of change in exchange rate. They added the regulatory authority has been compelled to pass on the deficit to the consumers. They said that general public is facing problems because of price-hike however the government is unable to absorb the loss because of recent floods and ongoing war on terror. They said people should appreciate the efforts of the government who was trying its level best to maintain the prices of many items of daily use while this petroleum price hike was announced after long time. According to a notification of the Oil and Gas Regulatory Authority, the price of petrol has been increased by Rs 5.91 per litre, HOBC Rs 7.11 per litre, high-speed diesel (HSD) Rs 4.51 per litre, light diesel oil Rs 4.27 per litre, kerosene oil Rs 5.15 per litre, JP1 (local) Rs 4.61 per litre, JP4 Rs 5.29 per litre and JP8 Rs 4.61 per litre.

(THROUGH ASIA PULSE)
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Publication:Balochistan Times (Baluchistan Province, Pakistan)
Geographic Code:9PAKI
Date:Nov 2, 2010
Words:336
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