ISLAMABAD  - Viewing the declining trend of prices in global oil market, a mixed trend of increase and decrease in the per litre prices of petroleum products (POL) is likely to start next month March.

Under a monthly price review mechanism, good news for already burdened masses regarding decrease in the prices of three of the POL prices has been estimated in line with dwindling trend in the prices of various POL products including petrol. But, prices of two POL products would witness hike from upcoming March. Well-informed sources further told The Nation that up to Rs3.50/litre cut in POL prices is sure and the ministry of finance would not dare to deprive over burdened people of relief this time in the name of adjusting petroleum levy (PL) already imposed in oil prices.

Citing the estimation made so far by some concerned quarters, they said that per litre prices of high-octane blended component (HOBC) would go down by Rs3.50, petrol by Rs2.53, high-speed diesel (HSD) by Rs0.51 from 1st of March. Similarly, a hike in the price of kerosene oil by 13 paisas and 47paisas in the price of light diesel oil (LDO) has been approximated.

It is to note here that during last month, the Oil and Gas Regulatory Authority (Ogra) had recommended Rs3.02 cut in the per litre price of petrol but the finance ministry maintained the petrol price by increasing the PL and masses were deprived of expected sigh of relief. But, this time, as per sources, finance ministry cannot deprive the masses of relief and respite is sure for petrol consumers.

It is worth mentioning here that the regulatory authority (Ogra), on February 25, would hold consultations with the oil marketing companies to work out oil prices and transportation charges (inland freight equalisation margin-IFEM) of POL products during next month. On February 27, the Ogra will dispatch a summary of oil prices to the ministries of petroleum and finance for consideration prior to government announcement in this regard.