ISLAMABAD: The Oil and Gas Regulatory Authority (Ogra) on Sunday dropped the petrol bomb on inflation-stricken 170 million people of the country by increasing the petroleum products by 5 per cent to 9 per cent with massive increase in motor gasoline (petrol) by Rs 6.10, from Rs 65.11 to Rs 71.21 per litre, HOBC (High Octane Blending Component) by Rs 7.41, to Rs 86.84 from Rs 79.43 per litre, with immediate effect from today (Monday, February 1, 2010).
In its notification released late on Sunday night, the Ogra also increased the price of High Speed Diesel (HSD) by Rs 3.33 per litre to Rs 71.99 per litre from Rs 68.56, kerosene by 5 per cent from Rs 60.75 to Rs 64.07 per litre, Light Diesel Oil (LDO) by 5 per cent to Rs 61.07 from Rs 58.10 per litre.
The whopping increase would multiply economic miseries of the masses as the transportation cost of the goods would inflate manifold and, therefore, the inflation would surge. However, the increase in POL products would bring relief for the current regime, which is struggling a lot to increase its revenue generation to meet the target of Rs 1,396 billion as agreed with the International Monetary Fund (IMF), as the sales tax collection would increase.
The price increase of kerosene will inflict huge monetary losses to the people living in the far-flung areas, especially in the Northern Areas, where natural gas and even Liquefied Natural Gas (LNG) is not available.
However, the government remained indifferent to the unscrupulous owners of petrol pumps, who closed their sale from Sunday evening till midnight to capitalise on the illegal windfall profits by not selling the stocks, which the owners had purchased at old prices.
The increase in diesel will also bring financial miseries to the farmers’ community. The country is facing over 30 per cent water shortage, which has further aggravated because of the four-month drought. Now the farmers would have to use the ground water through tubewells, which are mainly operated through diesel, where the electricity is not available because of the massive power outages.
The federal government has linked the local prices with the developments in the international oil market and has been passing the impact to the domestic prices accordingly. The Arab Gulf petroleum product prices showed steep increase during the month of January 2010, and, therefore, the Ogra notified the revised prices of petrol, HOBC, kerosene and LDO upward w.e.f February 01, 2010.
- #KARACHI #MONSOON (1)
- 7 key skills of a project manager (1)
- ACCOUNTING (39)
- ACCOUNTING AND AUDIT SERVICES AVAILABLE (1)
- ACCOUNTING AND MARKETING SERVICES (1)
- Accounting for Bills of Exchange (1)
- Accounting scandals (1)
- ad (3)
- Advertisement (7)
- AMALGAMATION PRACTICE EXERCISES (1)
- B.COM (12)
- B.COM REGULAR 2011 EXAMS (1)
- BILA UNWAN 29/09/2013 بلا عنوان (1)
- BILA UNWAN 30/09/2013 بلا عنوان (1)
- Branch Accounting (1)
- Budget (1)
- Budget 2012-13 (1)
- Budget 2013-14 pakistan (1)
- BUDGET 2014-15 (1)
- BUDGET 2014-15 SALIENT FEATURES (1)
- Business SWOT Analysis - Threats is an Opportunity (1)
- Capital Budgeting (1)
- CERTIFICATE HOLDERS (1)
- COACHING CLASSES FOR B.COM (1)
- COACHING CLASSES FOR COMMERCE STUDENTS (3)
- COACHING CLASSES FOR COMMERCE STUDENTS: (2)
- COACHING CLASSES FOR FIA-ACCA STUDENTS IN KARACHI (1)
- Commerce (1)
- COST ACCOUNTING (11)
- Cricket (1)
- Decentralization (1)
- Dividend (1)
- Economics (26)
- EDUCATION (3)
- EID MUBARAK (1)
- ENRON Scandal Summary (1)
- Entertainment (2)
- Evolution of Tax Culture in Pakistan (1)
- EXEMPTIONS AWARDED BY ICAP TO VARIOUS DEGREE (1)
- fia acca (1)
- Finance (1)
- FOOD STREETS OF KARACHI: HUSSAINABAD AND AYESHA MANZIL (1)
- FREELANCE AUDIT (1)
- GOLDEN OPPORTUNITY TO MARKET YOUR BUSINESS (1)
- HISTORY (1)
- HOLDING COMPANIES (1)
- I.COM AND O/A LEVEL (1)
- icmap (1)
- Investment (1)
- Investment Decision (1)
- IQRA EDUCATION NETWORK AND CONSULTANTS: (1)
- JAVED CHOUDRY (1)
- javed chowdry on burma muslim killings (1)
- Joint Products and Joint Product Cost (1)
- KARACHI UNIVERSITY (1)
- KARACHI UNIVERSITY DATE SHEET (1)
- Khula is not regarded as a talaaq even if the word talaaq is used (1)
- MA ECONOMICS (7)
- management (3)
- Management Accounting (14)
- Marital Issues-khula (2)
- Maslow's Theory of Motivation - Hierarchy of Needs (1)
- Methods of Costing By-Products: (1)
- Movies (1)
- NEW YEAR (1)
- O/A LEVELS (1)
- PARTNERSHIP ACCOUNTS PIECEMEAL DISTRIBUTION (1)
- Politics (3)
- Post Keynesian Economics (1)
- Result (2)
- REVOLUTIONIZING RAMADAN (1)
- RISK ANALYSIS TECHNIQUES (1)
- Segment Reporting and Transfer Pricing: PART 1 (1)
- Sports (1)
- Steps to the Accounting Cycle (1)
- Stock Exchange (1)
- SYLLABUS (2)
- TIME TABLE (1)
- TIMINGS AND VENUES OF EID PRAYERS IN KARACHI (1)
- Top Story (1)
- TOPI DRAMA (1)
- TQM (1)
- Transfer pricing (1)
- Types and Classification of Bill of Exchange (1)
- UNOFFICIAL DATE SHEET B.COM KARACHI UNIVERSITY EXAMS 2011 (1)
- vat (1)
- What is a Term Finance Certificate (TFC) (1)
Accounts receivable, inventory, and total quality management
B.COM PART 1 AND 2 COACHING CLASSES FOR SUPPLEMENTARY EXAMS. HOME AND COACHING. ACCOUNTING, STATISTICS AND ECONOMICS OF PART 1. ADVANCED...
University Of Karachi M.A. (Previous) and M.A. (Final) Examination IN ECONOMICS SCHEME OF STUDIES M.A. (Previous) 1. The examination for deg...
MA-ECONOMICS PRIVATE KARACHI UNIVERSITY,REGISTRATION DATE EXTENDED.
B.COM 1 & 2 ACCOUNTING, STATISTICS, ECONOMICS, ADVANCED ACCOUNTING, INCOME TAX LAW JOIN SIR KHALID 0322-3385752 R-1173,AL NOOR SOCIETY,...
C.A. is sometimes used to identify the Chief Accountant & Chartered Accountant CAD see CASH AGAINST DOCUMENTS. CAFR see Comprehensive ...
In 1943, Dr. Abraham Maslow 's article "A Theory of Human Motivation" appeared in Psychological Review, which were further e...
MA-ECONOMICS FOR EXTERNAL CANDIDATES CRASH CLASSES PREVIOUS & FINAL MICRO ECONOMICS MACRO ECONOMICS ADVANCED STATISTICS FOR ECONOMICS...
INCOME TAX FOR B.COM STUDENTS
For Other Professional Qualifications All candidates seeking exemptions are required to apply on the prescribed Exemption form alongwith the...