Sharp hike in Pakistan petroleum prices

November 1st, 2010 - 12:49 pm ICT by IANS  

Islamabad, Nov 1 (IANS) The prices of petroleum products in Pakistan were raised sharply Sunday, the biggest single increase in years.

Pakistan’s Express Tribune Monday reported that a notification regarding the price rise was issued by the Oil and Gas Regulatory Authority (OGRA). It says the increase was to match a similar trend in the international market during the month of October.

The highest increase was in the prices of high octane blending component (HOBC) that which went up by Rs.7 per litre from Rs.79.56 to Rs86.67.

The price of petrol went up from Rs.66.99 to Rs.72.96, an increase of Rs.5.97 per litre. Kerosene price was now Rs.70.95, an increase of over Rs.5.

The new prices will be applicable from Nov 1 midnight.

OGRA, which increased the prices, is an independent body and it reviews prices of petroleum at the end of every month. The increase took place after several months during which period the prices had seen a continuous downward trend.

Syed Jawad Nasim, OGRA spokesperson, said the prices had to be re-adjusted as the cash-starved government could not pick up losses by giving subsidies.

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