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Saturday, April 30, 2011

OGRA drops petrol bomb on nation

ISLAMABAD: Dropping the petrol bomb on masses, Oil and Gas Regulatory Authority (OGRA) has increased fuel prices upto 11 percent, a move that could create fresh problems for the fragile government.

The latest move announced late on Saturday saw the price of petrol (gasoline) raised to 88.41 rupees a litre from 83.56 rupees, up 4.85 rupees, light speed diesel to 88.37 a litre from 78.98 rupees, up 9.39 rupees, high speed, the OGRA said in a statement.

High speed diesel went up by Rs4.42 per litre from Rs92.89 to Rs97.31. Similarly, the kerosene oil went up by Rs5.60 per litre from Rs84.01 to Rs89.61, while the high octane was raised by Rs1.80 per litre from Rs98.12 to Rs99.92, the OGRA said.

Earlier, the OGRA had advised the government to increase the prices of petroleum products in light of the increase in prices in the international market.

OGRA’s summary for the price hike was forwarded to the ministry of finance, and later Prime Minister Yousuf Raza Gilani approved it.

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