Pakistan to welcome New Year with further hike in POL, gas prices.

ISLAMABAD -- A special 'new year gift' awaits Pakistanis as the Oil and Gas Regulatory Authority (OGRA) has suggested up to Rs3.10 per litre hike in the prices of petroleum products for the month of January 2020. According to sources, the regulatory authority (OGRA) has worked out Rs2.25 per litre increase in the price of high-speed diesel (HSD), Rs2.61 hike in the price of petrol, Rs3.10 in the price of kerosene oil and Rs2.08 in the price of light diesel oil for the upcoming month of January 2020. A summary in this regard has been forwarded to the Petroleum Division. Sources said that OGRA had suggested a hike in the prices of petroleum products after holding detailed consultations with the country's oil marketing companies.

They said that the Petroleum Division would forward the oil prices summary to the finance ministry for a final decision in this regard. 'The Ministry of Finance will then announce the final decision regarding oil prices after getting the nod from Prime Minister Imran Khan,' sources said. 'The finance ministry will also take a decision on the ratio of taxes and levies imposed on oil prices before announcing the final decision.' It is pertinent to mention that if PM khan approves to pass on the...