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PM Rejects OGRA Summary To Increase Oil Prices

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ISLAMABAD: Prime Minister Imran Khan has rejected a summary moved by the Oil and Gas Regulatory Authority (OGRA) to increase the petroleum prices for the next fifteen days.

The Prime Minister on Sunday rejected the proposed increase of over Rs 6 per litre for different petroleum products, saying the people must be given relief.

The Prime Minister said he is fully cognisant of the burden on the common man and has already geared up the government machinery to ensure the availability of everyday prices at low prices. He said the welfare of the masses is his prime responsibility.

He maintained, despite the fact that the prices of petroleum prices in the international markets are going up, he has decided not to accept the hike proposed by OGRA. He told that the people would be able to get the petroleum products at the same prices.

According to the information available from the PM House, OGRA had proposed an increase of Rs6.22 in the price of MS Petrol, Rs6.82 in price of high speed diesel, Rs6.37 raise in the price of kerosene oil and Rs5.78 hike in light diesel oil price.

On the other hand, oil prices are trading at 14-month high as the US West Texas Intermediate (WTI) crude futures was closed at $61.50 a barrel, Brent at $64.42, the price for Opec Basket was recorded at $65.42, and closing price of Arab Light remained $65.14.

According to the latest outlook by Morgan Stanley, prices for Brent crude will reach $70 per barrel in the third quarter on “signs of a much improved market.” At the same time, Goldman Sachs Commodities Research raised its expectations for Brent crude by $10 for the second and third quarters of the current year. The bank says that prices will climb to $70 per barrel in the second quarter from the $60 it previously predicted, and $75 in the third quarter from $65. TLTP

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