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Ogra advises govt to increase prices of petroleum products

The Oil and Gas Regulatory Authority (Ogra) has advised the government to increase the prices of petroleum products in light of the increase in prices in the international market, DawnNews reported.

A summary in this regard has reportedly been forwarded to the ministry of finance and is awaiting approval by Prime Minister Yousuf Raza Gilani.

Prime Minister

Fed Reserve approaches crossroads as growth slows

It's decision time for the Federal Reserve.

The central bank's top policy panel will convene in Washington on Tuesday and Wednesday to decide if the recovery can make-do with less Fed help.

Concretely, the seven men and three women who vote on the Fed's rate-setting panel will have to choose whether or not to extend a $600 billion stimulus plan that is scheduled to end in June.

Until recently the choice had appeared pretty straightforward. Growth was picking up nicely and the recovery was, in the Fed's own words, "on a firmer footing."

But amid higher oil prices and government spending cuts, the economy now

Crude oil prices hit new 2.5-year highs

World oil prices jumped Friday to their highest levels in more than two years as the market was driven by simmering political tensions in the Arab world and concern over elections in Nigeria.

New York's main contract soared to $112.91 -- a level last seen in September 2008, before pulling back to $112.79, up $2.49 from Thursday.

Brent North Sea crude for delivery in May ended the day at $126.65, up $3.98 from Thursday's closing level.

Prices rose sharply this week on the back of violent unrest in Libya, popular unrest in the wider Middle East, and as the dollar has weakened

Fed Reserve planning end to ultra-low interest rates

The Federal Reserve is planning how to end years of ultra-loose monetary policy in the face of a building US recovery and looming inflation fears, minutes from the latest policy meeting show.

Amid concern that sustained unrest in oil producing nations might spark entrenched inflation, minutes from the Fed's March meeting show members discussed ending long-standing policies, including ultra-low interest rates.

The Fed has kept interest rates near zero since December 2008 and bought up more than a trillion dollars in assets to help stimulate the economy.

Critics argue the bank may not be able to unravel low rates and massive stimulus spending quickly enough if inflation picks up too rapidly.

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Ogra advises govt to increase prices of petroleum products

Fed Reserve approaches crossroads as growth slows

Crude oil prices hit new 2.5-year highs

Fed Reserve planning end to ultra-low interest rates

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