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OGRA seeks revision of POL products prices for Dec

ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) has sent a summary to the Petroleum Division seeking revision of prices of petroleum products for the month of December. “OGRA has forwarded a summary to the Ministry of Energy Petroleum Division two days ago to revise the POL products’ prices for the next month,” state-owned wire service reported citing official sources. The regulatory body, however, didn’t disclose details about proposed prices. The finance ministry will finalize the summary on November 30,…

Oil prices slip on concerns of looming oversupply, economic downturn

SINGAPORE: Oil prices slipped on Thursday, weighed down by rising supply going into a market in which consumption is expected to slow down amid a glum economic outlook. Front-month Brent crude oil futures were trading at $65.88 per barrel at 0441 GMT, down 24 cents, or 0.4 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $55.96 a barrel, down 29 cents, or 0.5 percent. Since early October, oil prices have lost around a quarter of their value as supply soars just as demand is…

India cuts fuel tax, refinery prices to ease pain of rising crude, weak rupee

NEW DELHI: India is cutting prices of petrol and diesel by 2.50 rupees ($0.03) a litre, Finance Minister Arun Jaitley said on Thursday, the government’s latest step to tackle the impact of a sharp rise in crude oil prices and a weak local currency. The cut includes a reduction in excise duty of 1.50 rupees per litre, which will reduce government revenue by 105 billion rupees, Jaitley said. State-run refiners will also cut the price they charge by 1 rupee per litre. Jaitley also asked state governments to cut value…

Two rickshaws burnt to protest rise in LPG prices

LAHORE: Rickshaw drivers on Tuesday protested against the increase in Liquefied Petroleum Gas (LPG) prices by burning their rickshaws. The Awami Rickshaw Union set alight two rickshaws in protest including one at Bund Road and another at Thokar Niaz Baig Road. They announced that the movement will continue until their demands are not fulfilled. The protesters blocked the Babu Sabu Chowk and the Thokar Niaz Baig-Multan Road and demanded the rise in LPG prices be withdrawn immediately. They said the price of LPG has…

SC orders freezing of current prices of medicines for next 75 days

ISLAMABAD: The Supreme Court on Friday directed the Drug Regulatory Authority of Pakistan (DRAP) to freeze the current prices of medicines for the next two and a half months. This ruling was announced by a three-member bench of Supreme Court, headed by Chief Justice Mian Saqib Nisar while hearing a Suo moto case regarding the increase in prices of medicines, at Supreme Court Lahore Registry. During the proceedings, the court directed pharmaceutical companies to print the barcode on packets of medicines. It also…

Govt keeps PoL prices unchanged

ISLAMABAD: The interim government has decided to maintain the prices of petroleum products at the existing level for the current month.  A notification put out by the Ministry of Finance said the prices of petroleum products have been kept the current levels in order to provide relief to the common man despite the recommendation by Oil and Gas Regulatory Authority (Ogra) for jacking up the rates to keep up with rising prices in the global market. Accordingly, prices of petrol, diesel, kerosene, and light diesel will…

OGRA recommends jacking up POL prices

ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) has recommended jacking up prices of petroleum products for the month of July.  As per a summary sent to the Ministry of Energy (Petroleum Division) for approval by the regulatory authority, an increase of Rs5.40 per litre has been recommended in the price of petrol, Rs6.20 per litre in the price of diesel and Rs12 per litre in kerosene oil price. If the interim government gives go-ahead to an upward revision of prices of petroleum products, the new price of petrol…

Caretaker govt hikes petroleum prices; petrol mounts by Rs4.26 a liter

ISLAMABAD: The caretaker government has increased prices of petroleum products from Rs4.26 to Rs6.55 a liter on different products with effect from Tuesday, ARY News reported. The price of petrol has been raised by Rs4.26 a liter. The revised price of petrol would be Rs91.96 a liter. The price of high speed diesel has been raised by Rs6.55 a liter, while the price of light diesel has also been increased by Rs6.14 a liter. Read More: Caretaker govt decides not to take decision on petroleum prices High speed diesel…

Software and stealth: how carmakers hike spare parts prices

LONDON/PARIS: Carmakers including Renault, Jaguar Land Rover and Peugeot have boosted revenues by over $1 billion in the past decade by using sophisticated pricing software, according to sales presentations prepared by the software vendor, Accenture, and other documents filed in a court case. The software works, Accenture told prospective clients, by identifying which spare parts in a manufacturer’s range customers would be content to pay more for, how much to raise prices by and which prices should not be hiked. The…