The Oil and Gas Regulatory Authority (OGRA) has suggested an increase in petroleum products prices by Rs. 10 from January 2018.
The falling value of rupee against the US dollar and the rising price of crude oil in the international market has impacted the economy badly, therefore, the regulatory body has suggested the federal government to increase petroleum products’ prices temporarily to tackle the instability.
Due to the influence of Pakistani rupee’s falling value on the economy, OGRA has recommended following increments:
If the federal government approves these recommendations made by OGRA, then the new prices will be effective from January 1, 2018 (first day of next year).
Apart from rupee devaluation in Pakistan, the crude oil has seen a price hike of $2 per barrel internationally in the month of December.
The local currency was depreciated suddenly on December 13 when the central bank withdrew its support.
Ghyias Abdullah Paracha, who’s a central leader for All Pakistan CNG Association (APCNGA), had earlier said that volatility in the exchange rate would hike prices of oil and gas, which were already increasing in the international market, will badly impact Pakistan as energy is the largest import item of Pakistan.
Via ARY
