LAHORE: An increase in petroleum product prices is likely as the petroleum industry has submitted a working paper to the Oil and Gas Regulatory Authority (OGRA), sources said.
According to sources, preliminary calculations indicate a reduction of Rs0.36 per litre in petrol prices, while a price increase of Rs9.47 per litre has been proposed for high-speed diesel. The working paper also recommends a Rs3.45 per litre increase in kerosene oil prices and a Rs7 per litre hike in light diesel oil.
Sources said OGRA is expected to forward the working paper to the federal government on Thursday. Following this, the government will have the authority to adjust taxes and petroleum levies.
Officials noted that if taxes and levies are reduced, the burden of the proposed price increases could be partially eased. The final decision on petroleum prices will be taken after approval by the Prime Minister.
