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Pakistan increases prices of petroleum products by 9.9 percent


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Pakistan increases prices of petroleum products by 9.9 percent

2011-03-01 03:10:10 GMT+7 (ICT)

ISLAMABAD, PAKISTAN (BNO NEWS) -- Pakistan's Oil and Gas Regulatory Authority (OGRA) on Monday announced an increase to all petroleum products by 9.9 percent, Ary news television reported.

According to OGRA spokesman Jawad Nasim, the petrol price was increased by 7.23 Pakistan Rupees ($0.08) per liter leaving the gasoline price at Rs 80.19 ($0.93) starting on March 1.

In addition, the price of High Speed Diesel was hiked by Rs 7.76 ($0.09) to Rs 86.09 ($1) per liter; Light Speed Deisel by Rs 6.60 ($0.076); HOBC by Rs 8.58 ($0.1) to Rs 95.25 ($1.11) per liter; and Kerosene Oil by Rs 7 ($0.08) to Rs 77.95 ($0.9) per liter.

The increment was the first one registered in the last two months. The Pakistani government, led by President Asif Ali Zardari, kept the price of petroleum products unchanged due to the pressure from all political parties.

Last New Year's Eve, the prices of all petroleum products (POL products) were increased by 9 percent. The decision to raise prices of POL products was taken to compete against the rising prices in the world market.

However, opposition parties demonstrated their disagreement to the increase and Muttahida Qaumi Movement (MQM), the second-largest member of the ruling coalition, joined the opposition the following day.

On January 7, Prime Minister Yusaf Raza Gilani announced the reversal of the increase after Members of the Parliament agreed to withdraw such increment due to the overwhelming pressure from opposition parts and Pakistani society.

With this move, PM Gilani won back a majority in the parliament as MQM party rejoined his coalition. MQM Rabitta Committee leader Raza Haroon said that the reversal of fuel prices was fundamental for supporting Gilani again.

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-- © BNO News All rights reserved 2011-03-01

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