ISLAMABAD: Oil and Gas Regulatory Authority (OGRA) is all set to send summary to Finance Ministry, suggesting Rs 3.50/litre increase in petroleum prices.
The finance ministry has stated that a consistent increase in Arab light crude oil is being witnessed and if it continues then the government will raise the petroleum prices by five percent in April.
Sources told that the petrol prices will face Rs 2.10/litre increase, high-octane Rs 3.48, high-speed diesel Rs 2.27, kerosene oil Rs 3.8 and Rs 2.38 /litre more will be taken for light diesel.
However, the government can also reduce the GST to maintain the old prices.
Earlier, the government reduced petrol price by Rs 8 per litre, a positive development for the anticipating public.
Prime Minister Nawaz Sharif approved the reduction in petroleum prices after which the petrol price was reduced by Rs 8 per litre while diesel by Rs 4.5 per litre. The new price of petrol is Rs 62.77 per litre and high speed diesel is 71.12.
The price of high octane was slashed by Rs 3 per litre while the PM rejected the recommendation to reduce the price of kerosene oil. NNI