Prices of petroleum products likely to be increased by 4%

ISLAMABAD: The Oil and Gas Regulatory Authority (Ogra) has recommended an increase in the prices of petroleum products by 4 percent in the month of September 2020.

According to sources, the regulatory authority has suggested two recommendations related to the hike in petroleum prices. In view of price in international markets, it has been recommended to hike the price of petroleum products by 4 percent after which the petrol price will be increased by Rs. 3.50 per litre and high-speed diesel (HSD) by Rs. 3.75 per litre.

Final recommendations regarding the increase in petroleum prices will be sent to the government tomorrow, officials added. It is worth mentioning here, the price of crude oil, which was $20 per barrel in the world market earlier this year, has risen to $41.18 per barrel, showing an over 100 percent increase in the commodity’s price.
The international price of oil has been volatile since the COVID-19 pandemic gripped the world. This period also saw a historic low in the international price of oil when it dipped zero.

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