ISLAMABAD: In an apparent bid to break the back of an already inflation-buffeted nation, the Oil & Gas Regulatory Authority (OGRA) has suggested a hike in the POL prices by up to Rs7 per litre from August 1, 2012, Geo News reported.
Oil & Gas Regulatory Authority sources told Geo News that international crude oil market, which has gone up by $5 per barrel, spurred this new proposal for a raise in the POL prices.
Thus taking cue from global markets, Ogra has finalized a summary under which the prices of petrol and HOBC are likely to go up by Rs7 per litre, kerosene oil Rs4 per litre, diesel Rs5 per litre and LDO (light diesel oil) Rs3.75 per litre.
According to sources, the price of CNG is also expected to increase by Rs4 per kg.
The price revision will increase the impact of inflation on the poorer segments of the society in the ongoing month of Ramazan at a time when prices of all kitchen items and vegetables have gone up because of the massive hoarding of daily use items, which inefficient and corrupt provincial and local administrations have been unable to control.