Petroleum products' prices likely to go up by Rs11 per litre

ISLAMABAD: Oil and Gas Regulatory Authority (OGRA) has prepared a summary for another increase in rates of petroleum products up to Rs11 per litre from the month of April, ARY News reported on Friday.

The regulatory authority suggested the federal government for making an increase of Rs11.91 per litre in petrol rates from April 1.

In the summary sent to Petroleum Division today, it was recommended to hike Rs11.17 per litre in high-speed diesel, Rs6.65 per litre on kerosene oil and Rs6.49 in light diesel.

Earlier on March 8, Finance Minister  Asad Umar had said the sale prices of petroleum products were fixed in paisas along with rupee as per standard international practice.

Read More: Prices of petroleum products fixed as per int’l practice: Asad Umar

In a written reply to the question of Senator Sitara Ayaz in the Upper House, the minister said the international oil prices were published and charged in respective currency along with fractions (cents/pennies) while exchange rate was also published in rupee with paisas.

He stated that the main aim of discontinuing the use of decimal coins was to facilitate the settlement of transactions in the economy.

Read More: ‘Asad Umar to give 3-year road map to revive economy’

On February 28, the federal government had increased prices of petroleum products by Rs 4.75 from March 1 following a summary forwarded by the Oil and Gas Regulatory Authority (OGRA).

Following the hike, new rates of petrol reached at Rs92.88 per litre after an increase up to Rs2.50.

High-Speed Diesel price rose to Rs 111.43 after the hike of Rs 4.75 while Rs 4 increased for Kerosine Oil taking the new rates to Rs 86.31. Light Diesel stood at Rs 77.53 with the addition of Rs 2.50 against previous rates.

The notification was taken into effect from March 1.