KARACHI: Despite bearish global oil market, Oil and Gas Regulatory Authority (OGRA) has proposed an increase of upto Rs10/litre in the petroleum product prices.
Pakistan’sbroke government seems reluctant to accord any relief to the masses already unsettled with rising inflation.
The summary forwarded to petroleum division recommended an increase of Rs6.21/litre in petrol prices, while raise of Rs2/litre has been suggested in diesel prices.
For kerosene oil, an increase of Rs9.91/litre has been suggested while OGRA requested an increase of Rs7.79/litre in light diesel prices.
Global oil prices are falling again, it’s the first since October. A barrel of oil has dropped below $60.
Currently, there is an abundance of oil on the market. It is a trend that is expected to continue in 2019, according to the International Energy Agency.
It may be recalled that in October, the government had raised the prices of petroleum products, with petrol going up by Rs5/litre.
A ministerial meeting by the Organization of Petroleum Exporting Countries (OPEC), is scheduled for December 6, 2018.
The decline in global oil production and recovery prices is likely to be on the agenda.