OGRA recommends Rs4.50 per litre hike in petrol price
Last updated on: 29 September,2018 12:03 pm
The decision over new prices will be taken after approval of Prime Minister Imran Khan
ISLAMABAD (Dunya News) – The Oil & Gas Regulatory Authority (OGRA) on Friday submitted a summary to the petroleum division recommending that the petrol prices should be increased by at least Rs4.50 per liter starting from October 1.
The regulatory authority has forwarded a summary to the petroleum division suggesting an increased of at least Rs4.50 in the oil prices.
The summary also refers to other petroleum products whose prices should be increased under monthly readjustment formula.
It is recommended that the rate of high speed diesel be increased by Rs4 per liter, while the rate of light diesel price proposed to be increased by Rs3.50 per liter.
Ogra has submitted details of the proposed summary to the petroleum division and subsequently the decision over new prices will be taken after approval of the prime minister.
Earlier, Pakistan State Oil (PSO) had submitted to Supreme Court of Pakistan a report during hearing of case pertaining to hike and inflated rates of petrol, gas, electricity.
Chief Justice of Pakistan Saqib Nisar while hearing the case asked PSO s counsel whereabouts of company CEO and remarked that CEO is off after gobbling down Rs.3.7m monthly salaries.
The CJP expressed annoyance over PSO hiring lawyer at an expensive Rs. 1.5m fee as revealed by lawyer himself on being inquired about it. Riled by the heavy fee CJP said that public institutions which are already financially feeble hire private counsels and that PSO should have been represented by Attorney General Office.
CJP while addressing the counsel further remarked that PSO management has financially sunk and you organization and "you have turned up to defend the vultures."
Responding to SC queries PSO lawyer told the court that as per the instant report administrative, purchasing factors are behind increase in POL, utilities prices. Disagreeing with the report findings the CJP said that hike in, gas, power, POL tariff was unjustified.