OGRA Establishes Inverse Relation in Oil Prices
As per the summary sent to the Petroleum Division, the regulatory authority recommended an increase of Rs.20.07 in petrol price
Oil prices plummeted as a collapse in bond prices led to a gain in United States Dollar (USD) but in contradiction, Oil and Gas Regulatory Authority (OGRA) of Pakistan recommended a massive increase in the price of petroleum products.
With US West Texas Intermediate (WTI) crude dropping at 1.20% to reach $62.7 a barrel and Brent fell 2.30% to $65.50 per barrel, the supply is building instead of shrinking.
However, in Pakistan, OGRA has forwarded a summary to the Petroleum Division suggesting a gigantic increase in prices of petroleum products from March.
As per the summary, the regulatory authority recommended the division to increase the petrol prices by Rs20.07.
Similarly, the price of diesel has been recommended to be jacked up by Rs19.61.
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Previously, OGRA advised revising the price with an increase of Rs16/liter in the petrol price.
However, the government maintained the price for nearly two weeks.
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With the plummeted oil prices in the international market, the summary sent by OGRA to the Petroleum Division seems unjust and dreadful for the masses who are already suffering hardships due to poor economic condition.
