ISLAMABAD – The Oil Marketing Companies (OMCs) has asked the government to jack up the price of Petrol by Rs6.82/litre, in view of the “upward trend of price in the international oil market”.

In a summary pertaining to determination of oil prices which would be effective by September 17 across the country, the OMCs of the country have proposed to the petroleum ministry to further raise the already high price of the commodity, sources informed The Nation.

If this request is granted, the sources said, the per kilogram price of Compressed Natural Gas (CNG) would also witness a hike of Rs6.20 under the price parity formula between the price of Petrol and CNG. This raise in Petrol and CNG prices would add to the miseries of the hard-pressed consumers who are already bearing heavy brunt of high prices.

Similarly, the OMCs have also suggested a raise of Rs1.50/litre in the price of High Octane Blended Component (HOBC), a fuel used in luxury vehicles, but a mere Rs0.62/litre decrease has been suggested in the price of Kerosene, which is also known as the fuel of the poor as it is widely used for cooking in remote areas of the country.

The new prices would be effective by upcoming Monday, however, a final decision prior to its imposition would be taken today (Sunday) after the approval from the finance ministry. It is also learnt that the OMCs have put forward a decrease in the price of High Speed Diesel (HSD) by Rs1.74/litre while a decrease of 14paisa in the price of Light Diesel Oil (LDO) to the ministry.

Last week the government did not grant its approval to pass on the impact of the high cost of an imported cargo of petrol of Pakistan State Oil (PSO) to the consumers in a bid to provide relief to the hard pressed consumers. The decision resulted in the decrease of Petrol price by Rs4.65 per litre and CNG Rs4.27 per kg on September 10.

However, imposition of weekly price mechanism following the decision of economic coordination committee (ECC) of the cabinet, the government is now all set to withdraw the relief it had given to the consumers of petrol and CNG.

If prices of petroleum products proposed by the OMCs for next one week got approval from the government then after a proposed decrease of Rs1.74/litre in the HSD price, the new price of this essential fuel for transport and agriculture sectors would stand at Rs113.78/litre, while LDO after a reduction of Rs0.14/litre would now be available at Rs99.27 in the open market of the country.

However, proposed high increase of Rs6.82/litre in the price of Petrol means now the fuel will be available at Rs106.72/litre, while the HOBC after a proposed increase of Rs1.50/litre would now cost at Rs137.82/litre during next one week owing to weekly review mechanism of pricing of petroleum products.