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Govt to announce new prices for petroleum products today

petroleum prices

ISLAMABAD: The new prices of petroleum products will be announced today as the Oil and Gas Regulatory Authority (OGRA) forwarded a summary to the Ministry of Finance for approval.

According to sources, the Oil and Gas Regulatory Authority (Ogra) has forwarded a summary to the Petroleum Division and the Ministry of Finance seeking upward revision of fuel prices.

The sources said the regulatory authority has recommended an Rs1.90 increase in the per litre price of petrol while an 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.

It may be recalled that on April 30, Prime Minister Imran Khan had rejected the OGRA’s recommendation and decided to maintain the prices of petroleum products. Was done.

According to the Finance Ministry, petrol will continue to cost Rs108.56 per litre. The price of diesel will also remain the same, at Rs110.76 per litre. Kerosene oil will continue to be priced at Rs80, whereas light diesel oil will also cost Rs77.65 per litre.

After the Oil and Regulatory Authority had forwarded a summary to the Petroleum Division it was speculated that the prices of petroleum products will witness a rise in May.

Sources claimed that the price of petrol may increase by Rs5.75 per litre while the price of diesel may go up by Rs6 per litre. OGRA’s recommended prices in its proposal were calculated keeping in mind the current petroleum levy rate.

The current levy on petrol is Rs11.23 per litre while on diesel, it is Rs15.29 per litre. However, the prime minister, in order to provide relief to citizens, decided against a rise in the prices this month.

According to a government spokesman, the government is bearing the burden of Rs 4.8 billion for the people by maintaining the prices of petroleum products. It should be noted that OGRA sends a summary to the Ministry of Finance every fortnight for fixing the prices of petroleum products, the final approval of which is given by Prime Minister Imran Khan.