Prices of petroleum products likely to go up by over Rs3

petrol

Islamabad – Staff Reporter:

The government has on Monday proposed to increase the prices of petroleum products by Rs 3.

The Oil and Gas Regulatory Authority (OGRA) has sent a summary of changes in prices of petroleum products to the Petroleum Division.

According to sources, the OGRA recommends a Rs1.90 increase in per litre price of petrol while a Rs3.25 increase in that of high-speed diesel.

The new prices of petroleum products are likely to be announced later today following the approval of Prime Minister Imran Khan.

Earlier on April 30, Prime Minister Khan had rejected a summary sent by the Oil and Gas Regulatory Authority (OGRA) for hiking the price of petroleum products.

Previously, OGRA had sent a summary of changes in the prices of petroleum products to the Petroleum Division. Sources said that the prices of petroleum products are likely to go up on February 16.

According to sources, crude oil prices had risen in the global market due to which the price of petrol in the country is likely to increase by Rs 5.50 per litre.

Similarly, the price of diesel might increase by Rs 5.75 per litre, Ogra prepared its summary on the basis of a levy of Rs30 per litre.

Sources said that OGRA in its summary had proposed to increase the price of petrol by up to Rs 16 per litre, in the summary of OGRA it has proposed to increase the price of diesel by Rs 14 to 75 paise.

Special Assistant to Prime Minister on Political Affairs (SAPM) Dr Shahbaz Gill said that OGRA had recommended an increase of Rs5 to Rs10 in petroleum products prices. The premier decided to keep the prices unchanged, he added.

A notification was issued by the Finance Division stating that the federal government decided not to increase the prices of petroleum products in line with the vision of PM Imran Khan to provide relief to the consumers in the holy month of Ramazan.

It further stated that the government was not charging any Petroleum Levy (PL) on kerosene and light diesel oil and the cumulative revenue impact of the decision will be Rs4.8 billion.