Petroleum Prices : Where They are Heading?

By Altaf Khan • Jul 21st, 2008 • Category: Politics • (3,600 views) • No Responses

At least I don’t have no idea and my limited imagination fails to predict the ultimate price of petroleum products where it will become stable for a while.

The new bogeyman of the town, Oil and Gas Regulatory Authority (Ogra), has once again given the jolt of the year to the nation, just after a fiasco speech by Prime Minister of Pakistan, Yousuf Raza Gillani and increased the prices of almost all the petroleum prices by 10 to 17%, and in addition they have also warned that these prices may go up in very near future.

According to the Ogra notification, the price of petrol has been increased by Rs10.97 a litre to Rs86.66 from Rs75.69 per cent, an increase of 14.5 per cent. The price of kerosene was jacked up by 17.4 per cent or Rs8.64 per litre –from Rs49.73 to Rs58.37. A 15 per cent increase, of Rs7.45, was given in the price of light diesel oil to Rs56.50 per litre from Rs49.05. HOBC price is Rs96.08, up by Rs7.23 per litre from the old price of Rs88.85. The price of jet fuel JP-1 has been increased by 10 per cent or Rs8.26 per litre to Rs90.36 per litre from Rs82.10. After nine per cent increase, JP-4 will now be sold at Rs6.96 a litre higher – Rs83.75 from Rs76.79. JP-8’s price has been increased by 9.4 per cent or Rs8.25a litre – from Rs87.79 to Rs96.04 per litre.

Now the man who would ride a bike would be considered as a rich man indeed. Running a motor on petrol or diesel would be considered as an expensive vogue, and after some time we would only see petrol and diesel in movies and magazines. Say hello to donkeys and horses.