ISLAMABAD: Petroleum prices are likely to increase from the first of July as Oil and Gas Regulatory Authority (OGRA) has recommended a price hike of Rs1.93 to Rs8.62 per litre in the petroleum products.
“The cost of high octane fuel and light diesel can be increased up to Rs. 3.00 per litre while the price of kerosene is also expected to rise,” a statement by OGRA said.
OGRA claimed in the statement that the fuel rates are being adjusted according to the prices in the international market. The crude price in the world market stood nearing $48.00.
A further increase of Rs8.62 per litre in kerosene Oil, Rs3.53 in Hi-Octane, and Rs5.38 in Light Diesel has been sought in the summary.
From July 1, the per litre petrol and diesel prices are expected to increase to Rs66.20 and Rs79.27 respectively, if the government does not lower the General Sales Tax rate.
Moreover, the prices of other petroleum goods will also experience an increase to:
- Kerosene: Rs51.87
- Light diesel: Rs43.35
- Hi-Octane: Rs76.21
The price hike is subjected to the prime minister’s approval.
Earlier in May, federal Minister for Petroleum and Natural Resources Shahid Khaqan Abbasi claimed that the government is providing fuel to the public on lowest price among all the fuel-importing countries.
Abbasi, while talking to the media, said that Pakistan reduced 5 rupees per litre while neighbouring country India had reduced just four paisas per litre.
He said it is the wrong perception that the advantage of price decrease internationally is not being provided to the common man.
The minister said the price of petrol has decreased up to 42 rupees during the period of the present government.