May 16, 2008	Friday	Jamadi-ul-Awwal 10, 1429

ISLAMABAD, May 15: The Oil and Gas Regulatory Authority (Ogra) announced on Thursday that prices of petroleum products would remain unchanged for 15 days.

The prices of petrol, HOBC, high speed diesel and light diesel oil remained unchanged for the period ending May 31 despite indications that the government might pass on to consumers some of the burden from price hike in the international market.

An official in the finance ministry said that the decision not to increase oil prices was taken by Prime Minister Syed Yousuf Raza Gilani to avoid public outrage and to rein in inflation.

However, the price of crude oil in the international market recently jumped to $126 per barrel, but retreated on Thursday to $125.36 per barrel.

An Ogra notification issued late in the night said effective from May 16, the retail price of petrol would remain at Rs69.03 per litre and that of diesel at Rs50.28. The kerosene price will also remain unchanged at Rs49.02 per litre.

He said the government was giving subsidies, particularly on kerosene and diesel even after raising petroleum price twice.

The average diesel price in the Middle East market has reached $150 per barrel in the last fortnight.

This means that this subsidy will rise to an alarming level, which is expected to reach Rs180 billion by the end of next month.

However, with the rising domestic oil prices, the revenue collection will reach Rs190 billion by the end of the financial year.