Up to Rs 2.43/litre increase in petroleum prices recommended

ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) has recommended up to Rs 2.43 per litre increase in the prices of petroleum products (POL) with effect from June 1.
Sources at finance ministry told Daily Times that OGRA has proposed in its summary sent to petroleum and finance ministries Rs 1.30/litre increase in price of petrol, Rs 1.81/litre in high speed diesel, Rs 2.43/litre in high octane blended component (HOBC), 80 paisa/litre in light diesel oil (LDO) and 62 paisa/litre increase in the price of Kerosene oil. The sources said there were greater chances that the government will keep the prices of petroleum products unchanged except that of Kerosene oil for the month of June. However, he added, final decision in this regard will be taken by the finance minister today, after getting the nod of the prime minister. The finance ministry is mulling to cut petroleum levy already imposed on petroleum products, the sources added. The OGRA has consulted the oil marketing companies to fix the transportation cost (inland freight equalization margin) of petroleum products and get their input regarding oil prices, the sources said. “On receiving feedback of the OMCs regarding increase in prices of petroleum products, OGRA has forwarded a summary to the petroleum and finance ministries for necessary process and for final approval by the government,” sources at the petroleum ministry said.

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