ISLAMABAD - Ahead of Eid-ul-Azha, the incumbent government has decided to give a sigh of relief by reducing the prices of petroleum oil and lubricants (POL) products to the tune up to Rs 5.93 per litre with immediate effect. However, financial wizards at the same time have argued that expected impact of declining trend of POL prices in the international market should be passed on to the consumers; however, complete impact has not passed on to the consumers if made calculation in this regards. They were of the view that with the increase in petroleum levy on Petrol and HSD, the finance ministry has deprived the consumers of a major chunk of relief expected in the price of petrol and HSD. According to Ogras announcement, it has been decided that the prices of POL products would be decreased with immediate effect in the country, adding, However, it was also decided that ratio of PL on Petrol and HSD would be increased. Similarly, in accordance with new maximum ex-depot prices for various POL products, computed by Pakistan State Oil (PSO)s effective from November 1, 2011, a reduction in the prices of various POL products including HOBC Rs 5.93 per litre, light diesel oil (LDO) Rs 1.53 per litre, petrol Rs 1.54 per litre while 86 paisa decline in the price of kerosene but the price of high-speed diesel (HSD) will remain the same. The new price for the month of November will be: petrol, Rs 87.14 per litre; HOBC, Rs 106.72 per litre; kerosene oil, Rs 85.76 per litre; LDO, Rs 81.99 per litre; while HSD will be available at Rs 94.15 per litre with the same tune of previous month. It was also learnt that finance ministry has jacked up the petroleum levy (PL) from Rs 6.54 to Rs 9.52 per litre on petrol while it has also raised up the PL on HSD from Rs 4.29 to Rs 4.44 per litre. The incumbent government with this new decision has deprived the consumer of petrol of a relief of Rs 2.98 per liter. The sources in petroleum ministry have informed that a reduction up to Rs 5 per litre was likely in the prices of petroleum, oil and lubricants (POL) products for the month of November. They told that in accordance with the declining trend in international market the prices of POL products was expected to decline and impact was likely to pass on to the consumers of the country, adding, that a decrease in the POL price of October so petrol to Rs 5 per litre while HOBC to Rs5.93 per litre in the pricing of the of the products. Similarly, price of per litre LDO should show a decline of Rs 1.53 per litre but is missing here only in a governmental desperate bid to earn more revenues from the pockets of consumers. They have further informed that earlier petroleum ministry sent a summary of Rs 5 per litre reduction in the price of petrol and HSD to 18 paisa per litre to the Finance Ministry but Ministry of Finance has increased the petroleum levy (PL) on petrol and diesel oil. It is relevant to mention that incumbent government deregulated prices of petroleum products on June 1 and allowed refineries and oil marketing companies to fix their ex-refinery and ex-depot prices on monthly basis, keeping in view the import parity price. But the prices are being notified by Oil and Gas Regulatory Authority (Ogra) so far.