Islamabad: After a minor revision a day ago, the government has hiked the prices of petroleum products again for July 22. According to a notification issued by the Oil and Gas Regulatory Authority (OGRA), the new prices will be effective immediately for today.
According to the official announcement, the price of petrol has been increased to Rs 320.73 per litre, while high-speed diesel will be available at Rs 367.21 per litre after an increase of Rs 7.15 per litre.
Similarly, the price of kerosene has also been increased by Rs 6.78 per litre, after which its new price has been fixed at Rs 289.37 per litre.
OGRA has clarified that these rates have been implemented only for July 22 and have been issued under the daily price determination. According to the new policy, the prices of petroleum products are being reviewed daily in view of the changes in crude oil prices and import costs in the global market.
Under the recent policy of the government, OGRA has been authorised to announce daily prices without the prior approval of the Prime Minister or the federal cabinet. However, the rates already issued on Saturdays and Sundays will remain in effect.
It should be noted that a day earlier, on July 21, the price of petrol was reduced by 35 paise per litre, while high-speed diesel was increased by Rs 5.71 per litre. After the latest increase, the constantly changing prices have attracted the attention of the general consumers, including the transport and business sectors.
According to experts associated with the energy sector, the system of determining prices on a daily basis will immediately transfer the fluctuations in the global oil market to local prices, due to which the possibility of changes in the prices of petroleum products will remain in the coming days.
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