OGRA starts preparing summary to 'increase' prices of POL products

ISLAMABAD (92 News) – Following an increase in the prices of crude oil in the international market, the Oil and Gas Regulatory Authority (OGRA) has started preparing a summary to increase the prices of the POL products from October 16.

The summary will be sent to the Finance Ministry on October 14.

According to Reuters, oil rose towards $84 a barrel on Tuesday, within sight of a three-year high, supported by a rebound in global demand that is contributing to energy shortages in big economies such as China.

With demand growing as economies recover from pandemic lows, the Organization of the Petroleum Exporting Countries and allied producers, collectively known as OPEC+, are sticking to plans to restore output gradually rather than boost supply quickly.

Brent crude was up 2 cents at $83.67 a barrel by 1215 GMT.

On Monday it reached $84.60, the highest since October 2018. US oil gained 29 cents, or 0.4%, to $80.81, having hit its highest since late 2014 on Monday at $82.18.