Oil prices are likely to be increased from April 1 this year following fluctuations in global crude prices.
The Oil and Gas Regulatory Authority (Ogra) on Thursday recommended to the federal government to increase the prices of petroleum products at the beginning of next month. Final approval will be given today (Friday).
Sources said Ogra had proposed an increase of Rs2.28 per litre for petrol (motor spirit), Rs2.04 for high speed diesel (HSD), Rs13 for kerosene oil (superior), and Rs7.75 for light diesel oil (LDO). A summary in this regard has been sent to the Ministry of Petroleum and Natural Resources.
After the increase, the prices of petrol will go up to Rs75.28 per litre from the current Rs73, whereas the price of HSD will go up to Rs84.04 per litre from the current Rs82. As per global crude rates, the prices of petroleum products are set to rise by 38.6 percent. The prices of superior kerosene oil will rise to Rs57 per litre from the existing Rs44 and the price of LDO will increase from Rs44 to Rs51.75 per litre. Over the past couple of years following the plunge in global crude prices, the government has burdened consumers with heavy taxes especially on petrol and HSD which are widely used in small and heavy vehicles and agriculture sector.