Petroleum prices likely to be raised by up to Rs10

ISLAMABAD: The federal government is reportedly mulling over increasing petroleum product prices again. According to sources, petrol price is likely to go up by about Rs6 a litre after the Oil and Gas Regulatory Authority (OGRA) recommended an increase of up to Rs10 a litre for petroleum products.

The final decision, however, will be taken after the approval of Prime Minister Imran Khan. The new prices will be applicable after the release of a notification by the Ministry of Finance in this regard.

The OGRA has forwarded a summary to the Petroleum Division, suggesting an increase in prices of petroleum products from October 16.

Quoting sources, Bol reported that the regulatory authority recommended a surge in petrol price by Rs5.90 a litre and high-speed diesel price by Rs10 a litre.

Earlier, PM Imran had said that he was aware of the inflation, and the government was trying its best to control it. Petrol was being sold at the lowest rate in Pakistan comparing to other countries of the region, he had claimed.

He had said commodities prices had dramatically boosted in the international market.

The Ministry of Finance had earlier raised the petrol price by Rs4 a litre to Rs127.30 from October 1 for a fortnight, after making adjustments in the sales tax and petroleum levy.

The price of high-speed diesel was increased by Rs2 a litre to Rs122.04, kerosene by Rs7.05 a litre to Rs99.31, and the price of light diesel was up by Rs8.82 a litre to Rs 99.51.

After slamming the government for the recent increase in prices of petroleum products, Vice-President Pakistan Peoples Party (PPP) Senator Sherry Rehman on October 1 had led a walk out of the opposition members in the Senate.

“Once again, Tabahi Sarkar has dropped a petrol bomb in times of extreme and acute inflation. Petrol prices now stand at Rs127.3 per litre. They had already increased it by Rs 5 per litre on September 15, but now the prices are up again,” Rehman had said in the Senate before the protest.

She had said that the PTI had a history of raising fuel prices eight times a year, leaving most of the country unable to function with such drastic strikes on their disposable incomes.