Petroleum Product Prices Revised, Notification Issued
ISLAMABAD (Daily Qudrat) – OGRA has announced a change in the prices of petroleum products. According to the notification issued by the Petroleum Division, the price of petrol has been reduced by Rs 6.88 while the price of diesel has been increased by Rs 3.47 per litre. The new price of petrol has been fixed at Rs 390.79 and the price of diesel at Rs 424.92.
The new prices will take effect from 12 midnight tonight. According to the statement, international prices of crude oil and petroleum products remain at a high level. The effects of global oil prices are also being felt in Pakistan. On the other hand, questions were raised over the determination of petroleum product prices in the meeting of the Senate Standing Committee on Petroleum.
The Senate Standing Committee on Petroleum met under the chairmanship of Senator Umar Farooq.
During this, Senator Saifullah Abro, while raising questions over the formula for petroleum product prices, said that during one week, prices also decreased in the global market; however, no decrease in prices is visible in Pakistan. Local oil and gas production is not being included in the current price determination; the input of local production is nowhere visible in the daily price formula.
The committee sought a detailed analysis of the current price determination from the Petroleum Division. Senator Saifullah Abro also sought details of the relief given to motorcycles and vehicles and the expenditures incurred on the publicity of this scheme. He said that if more money than the relief is being spent on advertisements, then the purpose of providing relief will be affected.
