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Petroleum prices go off the roof.
submitted 4 months 24 days 4 hours ago by: amersarfraz : 9 commentsJust read the news on The Nation that OGRA (Oil and Gas Regulatory Authority) on Saturday (last) night announced a major price increase in the petroleum products to be effective from 29th of June, 2008 (today that is).
The prices per litre have been increased as below
Petrol : Rs 6.88 - Price Now (Rs.75.69)
HOBC : Rs 8.08 - Price Now (Rs.88.85)
Kerosene Oil : Rs 8.29 - Price Now (Rs.49.73)
LDO (Diesel) : Rs 4.46 - Price Now (Rs.49.05)
Damn, where can I get a bicycle from ?
Comments
UK Petrol Prices for a litre
Thursday 26th Jun 2008
Avg. Min. Max.
Unleaded: 118.8p 113.9p 130.0p
Diesel: 132.1p 126.9p 145.9p
Super: 125.8p 117.9p 139.9p
almost 50 pence a litre is uk govt duty
plus 17% v.a.t. >> value added tax
Ave Price in the US is 4.15 /gallon, almost the same as Pakistan which is surprising considering the fact that Pakistan subsidizes this commodity and broders Iran so there should be little or no transportation cost while US is thousands of miles away from the volatile gulf region and levies an 18% tax. Another interesting fact is that Canada is the largest supplier of crude oil to the US with opec coming in a distant sixth at less than 20% of US market share.
However, since driving distances are large in US and public transportation in most cities except Chicago and NYC does not offer 24/7 service to all outlying areas, hence relatively we probably pay a lot more in petrol over the course of the year. To give you an example, I drive almost 60 miles every day to and from work alone
The world consumes around 1000 barrels of oil per SECOND
As the price of oil goes up so does that of the substitutes and all other commodities. You need a lot more than the bicycle because OPEC feels that there is no need to increase the supply and governments should reduce the taxes to control the price hike. Fighting a losing battle here - the rest of the world.
Actually the OPEC guys are foolish for selling oil at such a low rate. Oil should be trading at $1000 /barrel or more; this is a very scarce resource and by the most conservative estimates it should run out in less than 100 years. Most OPEC countries have failed to utilize the current oil bonanza to diversify their economies.
Luckily for Pakistan her oil resources have yet to be fully tapped. Pakistan is surrounded by major oil fields and it stands to reason that the potential for hitting the pot of gold remains high.
Makes it difficult for the consumer, no?
I think in order to conserve energy resources, we should actually buy bicycles or even better walk a little more. Good for the muscles too!
Not, of course, in case og long distances but otherwise, yes.
In kashmir I walked over mountains and very rocky terrain for litereally 4-5 hours.At times, even while carrying luggage or other eatable goods and i sure have trimmed up pretty nicely.:)
Well....that is something you could afford to do in Kashmir. Try walking down the M.M. Alam Road here in Lahore or Bandar Road Karachi. Trim, I can't say.....but you sure will be calling for an appointment with a Lungs Specialist :)
Lol. :)
No need to worry they can climb over the roof as well . No solution never in the history of Pakistan has petroleum prices decreased after increasing so they will never come down again and i think CNG prices are also increasing and nothing can be done about it .
NO SOLUTION FOR INCREASING PETROLEUM PRICES.
CNG has increased 13 rs. (yesterday's news)