ISLAMABAD -- The government on Friday announced a massive increase of up to 66.09 percent in POL prices and hiked the prices of Petrol by Rs 25.58 per litre and High-Speed Diesel by Rs 21.31 per litre.
The government has decided to revise the existing prices of petroleum products in view of the rising prices trend in the global market, said a notification issued by the Finance division. The government, while completely ignoring the Oil and Gas Regulatory Authority (OGRA), has increased the prices of all the petroleum products with immediate effect for the remaining days of June and coming month of July.
As per the notification the price of Motor Spirit (MS-Petrol-92 RON) has been increased by Rs 25.58 per litre (34.33 percent), HSD by Rs 21.31 per litre (26.59), Superior Kerosene Oil (SKO) by Rs 23.50 (66.09 percent) ,Light Diesel Oil(LDO) by Rs 17.84 per litre (46.78 percent).
The price of Petrol will go up from the existing Rs 74.52 per litre to Rs 100.10 per litre, HSD from Rs 80.15 per litre to Rs 101.46 per litre, SKO from Rs 35.56 per litre to Rs 59.06 per litre and LDO from Rs 38.14 per litre to Rs 55.98 per litre. The new prices will be effective from 26th June 2020.
It is not clear that under which rule the government has upward revised the oil prices in such a hurry and four days earlier than the stipulated time period. Although a proposal to determine the oil prices on biweekly basis was under consideration but no decision has yet been taken.
Under the existing rules on 28th or 29th of each month Ogra's recommended the revised prices of petroleum products to the Petroleum Division and the federal government announced the decisions on the last day of each month. However, for the month of July Ogra has been completely side-lined and Petroleum Division has recommended the government a...