Petrol prices likely to increase from March 1

The Oil and Gas Regulatory Authority (OGRA) has presented a working paper to the government, proposing a hike in petroleum product prices due to concerns over increasing global oil prices and potential revenue shortfalls.

As per sources, OGRA has recommended an increase of Rs 3.44 per liter for petrol, which would raise the ex-refinery price from Rs 192.17 per liter to Rs 195.61 per liter.

Additionally, the proposal includes a potential Rs 1 per liter increase for diesel, leading to an ex-refinery price rise from Rs 206.75 per liter to Rs 207.75 per liter.

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Kerosene prices may also see a Rs 1 per liter increase, with the ex-refinery price potentially rising from Rs 177.70 per liter to Rs 178.52 per liter.

However, OGRA has suggested a decrease in the price of light diesel oil (LDO), although the specific amount remains unspecified.

It’s important to note that these are provisional recommendations, and the Ministry of Finance will ultimately decide on price adjustments. Various factors, including global market trends, revenue requirements, and potential consumer impacts, will be considered before reaching a final decision.