OGRA recommends Rs 12 hike in petroleum prices for June

ISLAMABAD: Around Rs 12 per litre hike in prices of petroleum products is expected before Eid, citing sources ARY News reported on Wednesday.

The Oil and Gas Regulatory Authority (OGRA) has forwarded its summary regarding new rates of petroleum products to the ministry.

The government is likely to hike the prices by as much as Rs 12 per litre from June 1st.

The OGRA summary proposing new rates will take effect from June 1st after approval by the prime minister.

According to the prices recommended in the summary, the rate of petrol may be increased by Rs 9.50 per litre, while high-speed diesel (HSD) may go up by Rs 11.5. Moreover, the price of light diesel oil (LDO) will likely to hike by Rs 7.85 while kerosene may see a rise of Rs 12 per litre.

The impact of rupee depreciation against the dollar and soaring crude oil prices in the world market have been incorporated in HSD and petrol prices, OGRA said.

It is pertinent to mention here that the government had increased the oil prices by 10 percent in the beginning of current month.