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OGRA recommends massive hike in petroleum prices

ISLAMABAD: Oil and Gas Regulatory Authority (OGRA) has recommended increasing the price of petroleum products up to Rs12 per litre from February 1.

The regulatory has sent a summary to the Petroleum Division recommending increasing the price of petrol by Rs10 per litre and diesel by Rs12 per litre. The price hike is based on Rs30 levy in the price of petroleum products.

On January 15, the government had approved an increase of Rs3.2 per litre in the price of petrol, a little over a third of what the regulatory had sought. The decision was approved by the prime minister after recommendation by the Ministry of Finance.

The government also approved an increase of Rs2.95 per litre in the price of high-speed diesel (HSD). The prices of kerosene and light diesel oil were also increased by Rs3 per litre and Rs4.42 respectively.

On December 15, the ex-depot prices of HSD and petrol were increased by Rs3 per litre while the prices of kerosene and LDO were raised by Rs5 per litre.

On December 31, the price of petrol was increased by another Rs2.31 per litre, while that of HSD was increased by Rs1.80, a little over one-fifth of what OGRA had recommended. At the same time, the price of kerosene and light diesel oil (LDO) was increased up by Rs3.36 per litre and Rs3.95, respectively.