The government has decided not to enhance the prices of the Petroleum, Oil and Lubricant products (POL) for next fortnight starting August 16-31 owing to Eid-ul-Fitr. Dr Asim Hussain, Prime Minister's Advisor on Petroleum and Natural Resources, made this announcement here on Monday. According to him President Asif Ali Zardari has directed the government not to increase petroleum products prices due to the Eid.
Hundreds of thousands of people have started going to their native areas to celebrate Eid-ul-Fitr with their near and dear ones, if the government increases POL prices transporters would start fleecing public. The advisor said he has not received any summary from the Ogra as yet regarding the recommendation of POL price increase. He added that whatsoever Ogra summary suggests, the government would not increase POL prices.
It is interesting to note that whenever POL prices were increased the Ogra is blamed for the hike, but in fact oil prices follow the global market trend and the government has nothing to do with it. The Ogra has proposed the government to increase POL prices in the range of Rs 2 to Rs 4 per litre from August 16. The regulatory body recommended increase in Motor Sprit (petrol) price by Rs 2 per litre, High Speed Diesel (HSD) Rs 3 per litre, Light Speed Diesel Oil (LDO) Rs 1.9 per litre, Kerosene Oil (KO) Rs 2.1 per litre and High Octane Blending Component (HOBC) by Rs 4 per litre.
According to sources, this is because the price of crude oil has increased in the global market by $2 per barrel. They added that the Gulf market has witnessed a substantial hike in the price of crude oil and petroleum products in few weeks and see the price of crude oil rising by $2 per barrel, from $100.5 per barrel to $102.5 per barrel.