Islamabad: Oil and Gas Regulatory Authority (OGRA) has advised the federal government to raise the price of petroleum products by as much as Rs. 16, raising the possibility of a hike by February 16.
Citing the rising price of crude oil in international markets, OGRA has recommended the hike to be implemented by the middle of the current month. It is expected that the price of petrol will be raised by Rs. 5.50 while diesel is expected to be hitched up by Rs. 5.75 per liter.
OGRA has dispatched the summary to Petroleum Division, preparing the recommendation on Rs. 30 per liter levy. The summary recommends Rs. 16 per liter hike in petrol price and a Rs. 14.75 per liter hike in diesel price.
The current levy on petrol is Rs. 21.04 while on diesel it is Rs. 22 per liter.
The final decision will be made by the Finance Ministry in consultation with Prime Minister Imran Khan.
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