Petroleum Division turns down Dr Faruukh's analysis on petroleum prices' increase.

ISLAMABAD -- The Petroleum Division on Sunday turned down views of Analyst Dr Farrukh Saleem on the recently increased petroleum prices by the government, terming it 'misleading.'

The contents, posted by the analyst through his vlog on social media that the prices of petrol had gone up only by 17 percent internationally in the last one month, were 'misleading and ignore the 30-45 days pricing cycle used in Pakistan as per regulation,' it said in a news release.

The Petroleum Division said the base price of petrol in Pakistan was fixed on the basis of Pakistan State Oil's (PSO) actual imports, which were linked with international Arab Gulf Platts.

It said all cargoes imported since the last cargo used in the preceding price announcement were averaged to arrive at the prices for the following month. 'The base price for PSO used for June 1, 2020...

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