ISLAMABAD: Prime Minister Imran Khan has rejected a summary moved by the Oil and Gas Regulatory Authority (OGRA) to increase the petroleum prices for the next fifteen days, Special Assistant to Prime Minister (SAPM) on Political Communication Shahbaz Gill said on Sunday.
The prime minister rejected the proposed increase of over Rs6 in per litre prices of different petroleum products, saying the people must be given relief.
The premier said he is fully cognizant of the burden on the common man and has already geared up the government machinery to ensure the availability of everyday prices at low prices. He said the welfare of the masses is his prime responsibility.
He added that, despite the fact that the prices of petroleum prices in the international markets are going up, he has decided not to accept the proposed raise of OGRA and said the people would be able to get the petroleum products at the same prices.
According to the information available from the PM House, the OGRA had proposed an increase of Rs6.22 in the price of MS Petrol, Rs6.82 in the price of high speed diesel, Rs6.37 in the price of kerosene oil and Rs5.78 in the price of light diesel oil.
On the other hand, oil prices are trading at a 14-month high as the US West Texas Intermediate (WTI) crude futures were closed at $61.50 a barrel, Brent at $64.42, the price for Opec Basket was recorded at $65.42, and the closing price of Arab Light remained $65.14.
According to the latest outlook by Morgan Stanley, prices for Brent crude will reach $70 per barrel in the third quarter on “signs of a much improved market.” At the same time, Goldman Sachs Commodities Research raised its expectations for Brent crude by $10 for the second and third quarters of the current year. The bank says that prices will climb to $70 per barrel in the second quarter from the $60 it previously predicted, and $75 in the third quarter from $65 earlier.
