OGRA Announces Further Increase in Petroleum Product Prices

Islamabad (Daily Qudrat): OGRA has announced a major increase in the prices of petroleum products. According to the notification issued by the Petroleum Division, the price of petrol has been increased by Rs 4.42 and the price of diesel by Rs 6.10 per litre. The new price of petrol has been set at Rs 380.24 and the price of diesel at Rs 409.42.

The new prices will take effect from 12 midnight tonight. On the other hand, the government has announced a relief scheme on rising oil prices. In this regard, Federal Minister Shaza Fatima Khawaja has said that motorcyclists will receive a weekly subsidy token of 5 litres, while vehicle owners will receive a token of 10 litres after every 10 days.

Federal Ministers Ataullah Tarar, Shaza Fatima, and Ali Pervaiz Malik held a joint press conference, in which Federal Minister for IT Shaza Fatima gave a detailed briefing on the procedure and features of the Prime Minister’s Fuel Relief Scheme.

Shaza Fatima Khawaja said that motorcyclists will receive a weekly subsidy token of 5 litres, while vehicle owners will receive a token of 10 litres after every 10 days. Old vehicles and motorcycles will also be eligible for the subsidy. It is also not necessary for the registration to be in one’s own name. Motorcyclists will be able to obtain petrol subsidy once a week, and vehicle owners once every 10 days. There will be a token of 10 litres for a vehicle and 5 litres for a motorcycle.

For the petrol subsidy, motorcycles 15 years old and vehicles 20 years old will also be eligible for this programme.

Moreover, crude oil prices in global markets have risen by 3 percent to $108 per barrel. According to a foreign news agency, the increase in oil prices on Monday morning is the result of rising tensions in the Gulf, particularly the closure of a major oil pipeline in Saudi Arabia. According to the report, the price of Brent reached $107.82 per barrel with an increase of $3.21, or 3.1 percent. There is a fear that up to four percent of global oil supply may be affected by the temporary closure of Saudi Arabia’s East-West oil pipeline following a drone attack.