Petroleum prices likely to go up ahead of Eid
The Oil and Gas Regulatory Authority (OGRA) has recommended the price hike and sent a report to the Ministry of Petroleum and Natural Resources and is awaiting the Prime Minister’s approval.
The decision comes ahead of Eid-ul-Fitr which for which the government has announced a four-day holiday from July 5-8. This can cause a unforeseen rise in prices and transportation as people scramble to spend the auspicious occasion in their hometowns.
According to reports OGRA has proposed an increase of Rs1.93 per litre in petrol and Rs3.75 per litre in diesel prices. Furthermore, an increase of Rs8.62 per litre in kerosene Oil, Rs3.50 in Hi-Octane, and Rs5.37 in Light Diesel has also been proposed in the summary.
The final decision will be notified by the Ministry of Finance after approval from the Prime Minister.