ISLAMABAD: The government is expected to approve a hefty increase in the prices of petroleum products.
Sources informed that the Oil and Gas Regulatory Authority (OGRA) has sent a new summary to the Petroleum Division recommending to increase the price of petrol by Rs 11.95 per litre.
The price of diesel can also be increased by Rs 9.57 per litre. The prices of petroleum products been determined at a levy of Rs 30 per litre. The final decision on the price hike will be taken in consultation with the Ministry of Finance and the prime minister.
During the last review on January 1, the government has decided to increase the price of petrol by Rs2.31 per litre. PM Imran Khan rejected the summary forwarded to him by OGRA which had recommended an increase in the price of petrol by Rs10.68 per litre.
OGRA had also recommended an increase in the price of diesel by Rs8.37 per litre. However, the premier had rejected the suggestions and approved an increase in the prices of petrol and diesel by Rs2.31 per litre and Rs1.80 per litre respectively.
It may be recalled that during the year 2020, due to the significant reduction in the global crude oil prices due to the coronavirus, the prices of petroleum products in the country fell by 27 percent.
Last year, petrol was cheaper by Rs 10.20, high-speed diesel by Rs 16.57, kerosene by Rs 26.06, and light diesel by Rs 14.57 per litre before the prices were increased.