Prices of petroleum products likely to go up by over Rs3

ISLAMABAD: The government is likely to jack up prices of petroleum products by over Rs3, ARY News reported, quoting sources.

The Oil and Gas Regulatory Authority (Ogra) has forwarded a summary to the Petroleum Division seeking upward revision of fuel prices.

The sources said the regulatory authority has recommended a Rs1.90 increase in per litre price of petrol while a Rs3.25 increase in that of high-speed diesel.

The new prices of petroleum products are likely to be announced later today following approval of Prime Minister Imran Khan.

On April 30, Prime Minister Khan had rejected a summary sent by the Oil and Gas Regulatory Authority (OGRA) for hiking price of petroleum products.

Special Assistant to Prime Minister on Political Affairs (SAPM) Dr Shahbaz Gill said that OGRA had recommended an increase of Rs5 to Rs10 in petroleum products prices. The premier decided to keep the prices unchanged, he added.

A notification was issued by the Finance Division stating that the federal government decided not to increase the prices of petroleum products in line with the vision of PM Imran Khan to provide relief to the consumers in the holy month of Ramazan.

It further stated that the government was not charging any Petroleum Levy (PL) on kerosene and light diesel oil and the cumulative revenue impact of the decision will be Rs4.8 billion.