ISLAMABAD: The government has decided to increase petroleum prices from August 1 even though oil prices fell further towards the $40 mark in Asia.
A summary in this regard has been sent to the Finance Ministry. Price of Petrol has been raised by Rs 2.12, High-Speed Diesel by Rs 0.26 while price of Kerosene will be increased by Rs 3.94, the Oil and Gas Regulatory Authority (OGRA) said. Price of High Octane will be reduced by Rs 0.60 and Light Speed Diesel by Rs 1.24.
On the other hand, gas companies have also demanded an increase in gas prices by Rs 18 to 17 per MMBTU. Sui Southern and Sui Northern gas companies have said that OGRA should increase the price with effect from July 1.
The commodity has slipped nearly 20 per cent since its 2016 peak above $50 in early June as the crucial US holiday driving season comes to an end and temporary disruptions to output in Canada and Nigeria ease. At about 0320 GMT, US benchmark West Texas Intermediate was down seven cents to $41.07 a barrel while North Sea Brent was down five cents to $42.65.
