Massive increase in petroleum prices on cards: Report

Massive increase in petroleum prices on cards: Report

ISLAMABAD – The Oil and Gas Regulatory Authority (Ogra) has recommended increasing oil prices by a staggering Rs14.37 for the month of May.

The regulator has forwarded a summary to the Petroleum Division on Monday, proposing that the petrol price be hiked by Rs14.37 per litre to Rs113.26 per litre for the next month in which Pakistanis would be fasting.

Ogra has also recommended jacking up the price of high-speed diesel (HSD) by Rs4.89 per litre besides requesting an increase in prices of kerosene oil by Rs7.46 per litre; price of light diesel oil (LDO) has been requested to be raised by Rs6.40 per litre.

If approved as it is, the diesel prices would shoot up to Rs122.32 per litre, LDO to Rs86.94 per litre and kerosene oil would go up to Rs96.77 per litre.

The final decision rests with Prime Minister Imran Khan who will consult the petroleum and finance ministries before making any move.

The approval would lead to further inflation, especially during the month of Ramazan in which prices of food commodities already skyrocket.