ISLAMABAD (62 News) – The Oil and Gas Regulatory Authority (OGRA) has proposed hike in petroleum products prices from February 1, 2018.
Ogra has sent a summary to the Ministry of Petroleum for approval proposing increase of Rs 2.98 per liter for petrol, Rs 10.25 for diesel, Rs 12.74 per liter for kerosene and Rs 11.72 per liter for light diesel.
After approval by the concerned authority, the new price from next month for petrol would be Rs 84.51 per liter from current price of Rs 81.53 per liter, diesel price might reach to Rs 100.16 per liter from Rs 89.91 per liter, light diesel would be rs 70.09 per liter from Rs 58.37 per liter and kerosene oil price might be around Rs 77.06 per liter from Rs 64.32 per liter.
The prices of petroleum products are going up on two counts – rising crude oil price which reached to almost four year high level and also because of rupee depreciation of five percent.
Another aspect of continued rise in petroleum product price has been the government’s stance to improve revenue collection as the price of products domestically have been still cheaper compared with countries like India, Sri Lanka and Bangladesh.