POL price hike caused by upward trend in int’l market: Finance Ministry

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The fortnightly increase in prices of various petroleum products was caused by upward fluctuation in the international oil market, said Spokesperson of the Finance Ministry on Tuesday. During the last fortnight, the prices of petrol and high-speed diesel in the international market increased by US$ 3.82 and US$4.30 per barrel, the spokesperson said in a statement.

Oil and Gas Regulatory Authority (OGRA) had proposed to increase the price of petrol by Rs 4.53 and the price of high-speed diesel by Rs 8.14, the statement said adding the prices of petroleum products depended on the price fluctuations in the global market and the exchange rate. The prices of petroleum products in the global market have also increased due to the uncertainty in the Middle East. The spokesperson expressed the hope that the end of the Middle East crisis would eventually bring relief in this regard.