Federal Government is all set to explode the petroleum prices bomb over the consumers from March 1 for next 15 days.
The regulator has proposed an increase of up to Rs17.55 per litre in the prices of petroleum products for the first 15 days of March following a rise in global crude oil prices.
The upward revision was suggested by the Oil and Gas Regulatory Authority (Ogra) in its summary sent to the Ministry of Petroleum and Natural Resources on Monday.
A senior official of the Ministry of Petroleum said Ogra proposed an increase of Rs2.96 per litre in the price of petrol, which is also called motor spirit and is mostly consumed by motorists.
For high-speed diesel consumed by heavy vehicles, the regulator suggested an upward revision of Rs2.18 per litre and for kerosene oil and light diesel oil, it proposed a revision of Rs17.55 and Rs10.94 respectively.
Prime Minister Nawaz Sharif will review the recommendations and take a final decision on Tuesday.
Prices of all petroleum products, except for kerosene, are deregulated and Ogra only monitors their movement.