Notification Issued for Change in Petroleum Product Prices

ISLAMABAD (Quadrat Daily) — 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 Rs2.71 per litre, while diesel has been made more expensive by 31 paisas per litre.

The new price of petrol has been fixed at Rs379.31 and that of high-speed diesel at Rs390.11.

The new prices will take effect from 12 midnight tonight.

Meanwhile, Federal Minister for Petroleum Ali Pervaiz Malik, speaking on Geo News’ programme, said the country is currently passing through extraordinary conditions of war, war has engulfed the region, and the Field Marshal and the Interior Minister went to Iran yesterday and made an effort through which a permanent solution to oil and gas prices will emerge.

He said daily LPG consumption is 7,000 tons, of which 2,500 tons is obtained locally from refinery companies and the rest of the requirement is met through imports. Iran is a very big player in its production; after the war, supply began to decrease and demand began to rise, and problems in imports via sea will have to be resolved.

Explaining how oil and LPG prices are determined, he said just as the daily rate of petrol is worked out and the price is fixed, similarly LPG is a combination of two gases and Aramco issues its price every month, which is called the CP price. The petroleum minister said transparency should also be brought into the LPG system; Aramco’s CP price is above $705, on which $350 in costs is incurred.

He said if working above $1,000, an 11.8 kg LPG cylinder should be available for Rs4,500 to Rs5,000, and the per-kilo price of LPG should be between Rs400 and Rs425. But these people are taking advantage of a poor man’s hardship and the gas shortage; they know there is a problem in LPG supply arriving by sea, so they want to exploit people’s compulsion by creating a shortage in the LPG that has already arrived and making illegal profits. He warned people not to be exploited over their compulsion.