• Price of petrol, diesel could be further increased
• OGRA recommended levying GST on petrol, diesel
• It has also sought Rs10-15 per lite increase in diesel price

ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) has recommended an increase in the prices of petroleum products.

The regulatory authority has sent a summary to the federal government regarding the hike in price of petrol and diesel.

OGRA has sent two proposals to the government regarding the petroleum products prices. The first proposal recommends imposing General Sales Tax (GST) on petroleum products following the conditions set by the International Monetary Fund (IMF).

OGRA has proposed levy of 2 to 5 percent per litre on petrol and diesel. A proposal to levy Rs5-10 per litre on diesel has also been sent to the federal government.

If GST of 2% is imposed, the petrol price could be increased up to Rs5.44, and if 5% GST is imposed, the price of petrol could go up by Rs13.6.  A proposal to increase diesel by Rs10-15 per litre has been sent to the federal government.

According to the second proposal, OGRA has advised to maintain the prices of petroleum products for next fortnight as crude oil prices had witnessed a decline in the global markets

It suggested that the prices could also be maintained by levying taxes commensurate with global markets.

The final decision regarding the prices of petroleum products would be taken by Finance Minister Ishaq Dar after consultation with the prime minister.

The finance minister will made the decision keeping in mind the dollar rate and the crude oil prices in the global market.