ISLAMABAD, May 15: The prices of petroleum products will remain unchanged at the existing level for the next 15 days, the Oil and Gas Regulatory Authority (Ogra) announced here on Monday. The decision to this effect was reached following a statutory regulatory order that notified the petroleum development levy and inland freight equalisation margin recommended by the Oil Companies Advisory Committee (OCAC).

Ogra said the price determination had been carried out by it in accordance with the formula prescribed by the federal government. This requires that the price be based on average prices of last fortnight for naphtha, diesel, kerosene and HSFO and then add IFEM for transportation cost of equalise price at 29 depots. The government levies like excise duty, sales tax and PDL are added to this price.

This is the first time that Ogra has announced POL prices. The government transferred last month the responsibility of oil fixing from Oil Companies Advisory Committee (OCAC) cartel to the regulator that was established about four years ago.

The sources said the oil pricing calculations remained a matter of dispute between Ogra and the petroleum ministry for the whole day on Saturday.