Price of Petrol set to rise.

The Oil and Gas Regulatory Authority (Ogra) increased prices of petroleum products on Sunday by a massive Rs4.27 to Rs7.11 per litre or up to 9 per cent with immediate effect to offset impact of the rise in oil prices in the international market.

The government, which was aggressively pushing for exploration of conventional oil and gas, had taken steps to tap shale gas to reduce the country’s import dependence, Union Minister for Petroleum and Natural Gas Murli Deora said on Sunday.

Ali Vakili, the managing director of the Pars Oil and Gas Company said the Islamic Republic has increased its investment in the giant gas field in the southern city of Asalouyeh despite obstacles put in the way of the country’s energy development.

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