ISLAMABAD: The government has decided to increase the prices of petrol by Rs1.41 per litre and of compressed natural gas (CNG) by Rs1.29 per kg from July 16 for the next fortnight.
According to sources, the new price of CNG in region-I (Khyber Pakhtunkhwa, Potohar and Balochistan) will now stand at Rs78.65 per kg and in region-II (Punjab and Sindh) at Rs71.92 per kg.
A few days ago, the Oil and Gas Regulatory Authority (Ogra) had sent a summary to the government asking for the reduction of POL prices but Ministry of Petroleum and Natural Resources returned the summary arguing Ogra can not recommend the reduction of POL prices; it can only work out the prices in line with the fluctuating trends in the international market.
So Ogra, in its revised summary to the government, recommended the raise in POL prices that includes an increase in the price of petrol by Rs1.41 per litre, HOBC by Rs5.64, kerosene oil by Rs1.93 per litre and light diesel oil by Rs1.62 per litre.
However, the government has decided to maintain the price of high speed diesel at its existing level, against the recommendation made by Ogra.
From tomorrow, the new price of petrol will be Rs85.90 per litre, HOBC at Rs112.52 per litre, kerosene oil at Rs88.19 per litre and light diesel oil at Rs85.33 per litre. The notification about reduction in POL and CNG prices will be issued after midnight tomorrow.
Since domestic POL prices are linked with international prices, surging global market prices have pushed the government to pass on the increase from July 16, 2012 on to the consumers.