OGRA proposes 5.2% hike in petrol price.
Islamabad -- The Oil and Gas Regulatory Authority on Friday recommended an increase of 5.2 per cent in price of petrol following the fluctuation in global oil prices.The consumers are likely face a hike in the price of high-speed diesel widely used in different sectors in the country with effect from January 1, 2018.
The regulator has recommended an increase in the prices of petroleum products of up to 23.6 per cent after the rates of crude oil surged in the international market. The Ministry of Energy (Petroleum Division) received a summary from the Oil and Gas Regulatory Authority on Friday that recommended an upward revision in oil prices.
The OGRA recommended an increase of Rs 4.06 per litre (5.2 per cent) in the price of petrol, Rs 6.03 per liter (16 per cent) high speed diesel, Rs13.58 per litre (23.6 per cent) in the price of superior kerosene oil and Rs12.49 per litre (24 per cent) in the price of light diesel oil.
In case the government approves the determination of the regulator about the increase in prices of various petroleum products, petrol price will go up to Rs81.53 per litre from the current Rs 77.47. The prices of SKO will go up to Rs 71.16 per litre from the existing Rs 57.58 per litre and the price of Light Diesel Oil will go up to Rs 64.61 from existing Rs 52.12 per litre.
The summary was forwarded to the petroleum division as a routine practice. It will send the summary onward to the finance ministry and Prime Minister's office for a decision. Under the practice, oil prices are revised on December 31.