Petrol price likely to go up by Rs12 per litre

ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) has prepared a summary, seeking an increase in petroleum prices from February 1, ARY News reported on Monday quoting sources.

According to sources privy to the decision, the regulator has recommended an increase in petroleum prices by Rs13 per litre.

The authority has suggested an increase of Rs12 per litre in the price of petrol and Rs13 per litre in the price of diesel.

Sources said that Oil prices have surged by up to $5 per barrel in the global market. In addition to that, they said the government has to increase levy on petroleum products by Rs4 per litre as committed with the International Monetary Fund (IMF).

Currently, sales tax on petrol is Rs2.9 per litre while that on high-speed diesel Rs4.50 per litre, kerosene oil Rs5.26/litre and light-speed diesel Rs2.80/litre.

The Ministry of Finance will announce the new prices of petroleum products after the approval of Prime Minister Imran Khan. The new rates will be applicable from midnight on Feb 1.

On Jan 15, the federal government had jacked up prices of petroleum products by up to Rs3 per litre.