The Oil and Gas Regulatory recommended on Tuesday a hike in prices of petroleum products by up to Rs10.5.
A summary has been sent to Prime Minister Imran for approval. If approved, the new prices will be applicable from September 16, 2021. Following is what the Ogra recommended
- Increase in High Speed Diesel price by Rs10.5 to Rs125.53
- Increase in Petrol price by Rs1 to Rs119.30
- Increase in Light Diesel price by Rs5.5 to 90.27
- Increase in Kerosene Oil price by Rs5.5 to Rs92.3
The authorities argued that oil prices in the international market had gone up by $10 over the past month. Ogra said that if the government wanted, it could opt to absorb the increase in petroleum prices by revising the rates of Petroleum Levy and GST.