The government has increased the price of petrol by Rs 5.92 per litre, light diesel Rs 6.94, kerosene oil Rs 7.48 and HOBC Rs 8.50 per litre. With this increase, the price of per litre petrol has surged to Rs 62.13, HOBC Rs 78.78, light diesel oil Rs 54.94 and kerosene oil to Rs 59.35 per litre.
Prime Minister Syed Yousuf Raza Gilani is reported to have approved the summary of the petroleum ministry in line with the decision taken in the budget as well as due to rise in world oil prices. However, the Minister for Information denied that approval for increase in POL prices was given by the Prime Minister saying that he has no role in this increase as the oil pricing mechanism was tied with the international market.
The increase in POL products prices from July 1 was because of rise in the oil prices in the international market. Advisor to the Prime Minister on Petroleum, Dr Asim Hussain earlier during the day told media the prices of petroleum products have been increased whereas gas prices were reduced for household and industrial use.
The new gas rates, he said would be applicable from July with the 2 percent reduction in the gas price for all the five slabs of domestic consumers and 4.46 percent for Independent Power Producers, captive power and the industries. The advisor said that gas price was slightly increased for fertiliser sector and there would be no reduction in the price of CNG for the next six months.
Dr Asim said that PDL was replaced with the carbon surcharge to introduce transparency in the oil pricing mechanism. The revenue target was projected at Rs 122 billion in 2009-10 from the levy of carbon surcharge that is applicable on petroleum products from today (Wednesday) at the rate of Rs 10 per litre on petrol, Rs 6 on kerosene oil, Rs 3 on Light Diesel Oil (LDO), Rs 14 on HOBC and for high speed diesel (HSD) it is Rs 8 per litre.
APP ADDS: Minister for Information and Broadcasting, Qamar Zaman Kaira has clarified a news item being aired on different private TV channels regarding approval of increase in petroleum prices by the Prime Minister. The minister said according to new policy, which has been formally approved in budget 2009-10, the Prime Minister need not to increase the prices on his own.
According to new formula, he said, the prices will be adjusted automatically according to international market price trends. "The current increase in prices is according to this formula," he further clarified the reports that the Prime Minister had approved the summary for increase in petroleum prices.
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