POL price hike: OGRA recommends Govt to increase prices by 17%

ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) has recommended an increase of up to 17% in prices of petroleum products to be applicable from June 1, 2018, ARY News reported.

The regulator has forwarded a summary to the Ministry of Energy (Petroleum Division) on Wednesday with recommendations for a massive hike in prices of all petroleum products.

An upward revision of Rs 8.37 per liter in petrol price and Rs 12.50 per liter in high-speed diesel rate is proposed by the regulatory authority. Whereas, the prices of light-diesel oil and kerosene oil are recommended to go up by Rs 11.65 and Rs 8.23 respectively.

Following the global price hike, if the outgoing government approves the summary sent by OGRA then from June 1, the new price of petroleum products in Pakistan will be Rs 96.7 for per liter of petrol, Rs 111.26 for per liter of high-speed diesel and Rs 88.10 for per liter of kerosene oil.

A final decision on price revision will be taken by Prime Minister Shahid Khaqan Abbasi on Thursday (today).

Pakistanis are taken aback by the news of recommendation for massive price hike in petroleum products ahead of Eid, a step that will add to the misery of the people. The hike in petroleum prices will eventually multiply the rate of inflation in the country.