Petrol prices likely to increase by Rs14.38

Petrol prices likely to increase by Rs14.38 by the next month

Affairs

Islamabad: The Oil and Gas Regulatory Authority (Ogra) has suggested the government to increase the petrol price by Rs14.38 per litre and diesel by Rs4.89 per litre from the month of May.

Besides, the authority has also recommended that the kerosene price should be increased by Rs7.46 per litre and light diesel oil (LDO) by Rs6.41 per litre. The summary in which Ogra has suggested all this has been forwarded to the Ministry of Energy (Petroleum Division) on Monday after the federal government. It would be then sent to the Finance Ministry.

If this recommendation has been accepted by the government, the petrol price will go up from the existing Rs98.88 per litre to 113.26 per litre, HSD price will increase to Rs122.32 per litre from the current Rs117.43 a litre, kerosene price will increase from Rs89.31 to Rs96.77 per litre and LDO price will be up from Rs80.53 per litre to Rs86.94 per litre.

As the country is facing revenue shortfall, it could go to increasing the prices. Moreover, petroleum products are among the major revenue sources for the government. It is worth mentioning that in the first half of the outgoing fiscal, the government has already faced a shortfall of Rs75 billion under this head. The government will take the final decision on the Ogra’s recommendations today (Tuesday).

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