Recent hike in international oil prices has forced Oil and Gas Regulatory Authority (OGRA) of Pakistan to propose a relative hike in the prices of gas in effect from January 1, 2008.
Sources from OGRA told Fibre2fashion, “The organization has proposed a 6.56 percent rise in the prices of natural gas. This is a move to cope with the climbing international oil prices which currently stand around US $95.75 per barrel and are expected to reach $100 per barrel by the end of this week.”
Categories of oil and gas for which prices are to be increased are still not decided as OGRA is awaiting Government's confirmation on the proposed legislation.
Trade and financial bodies in the country are urging the government to reconsider the proposal insisting on accelerating production instead of increasing the prices.
Besides, other associations of the industry have also opposed the proposition on grounds that it is ultimately going to affect the consumers.
Fibre2fashion News Desk - India
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