FACT CHECK: News of Rs7 hike in petrol prices from Nov 1 proved speculation

For the past few days several national media houses have been spreading a news of further hike in petrol prices from Nov 1. It is being reported quoting the oil marketing companies (OMC) that about Rs7 hike is expected in the petrol prices while Rs9 per litre in diesel from the next month. When probed the matter by News360, the news proved unfounded and baseless.

Sources in the Oil and Gas Regulatory Authority (Ogra) told News360 that no summary had so far been prepared to move to the Finance Ministry with regard to hike in petrol prices. They added the summary will be prepared and moved to Finance Ministry tonight.

The fake news about further hike in petrol prices was based on the sources in the OMCs, which have no role in determining prices of fuel in the country now. The unfounded report was mostly published and shared by anti-government media houses and journalists. Currently, the OMCs had absolutely no role in fixing prices of petroleum products. They had such a role in the past about 10 to 15 years back. But, today it has nothing to do with determining oil prices in the country. Later, the Ogra was constituted by the PML-N-led government to fix oil prices.

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Our national and social media showing irresponsibility had been spreading fake news for the past few days that petrol and diesel prices are going to be increased Rs7 and Rs9, respectively from Nov 1.

Earlier on October 16, the government increased the petrol prices by Rs10.49 to record high of Rs137.7. High-Speed Diesel price was increased by Rs12.49 to Rs134.48 per litre.

According to a notification issued by the Ministry of Finance, the price of kerosene oil reached Rs110.26 after an increase of Rs10.85. Light Diesel price also increased by Rs8.84. It is now available at Rs108.35 per litre.