ISLAMABAD – The prices of petroleum products are likely to surge to a new record level as the Oil and Gas Regulatory Authority (OGRA) has proposed massive increase for second fortnight of the running month of April.
Reports said that OGRA has proposed an increase of Rs83.50 per litre petrol and Rs119 per litre diesel to the petroleum division. The proposal includes Rs30 levy and 17% GST on POL products.
However, with the current tax and levy rate, the Finance Division has been recommended to increase the petrol price by Rs21.52 per litre and Rs51.30 per litre diesel.
OGRA has proposed Rs35.5 per litre hike in kerosene oil price and Rs38.89 in light-diesel, with existing tax and levy.
While with revised levy and GST, it has proposed a hike of Rs77.56 per litre in kerosene oil and Rs77.31 per litre in the price of light diesel, GEO News reported.
The finance division will take the final decision after having consultation with Prime Minister Shehbaz Sharif.
On Feb 28, former prime minister Imran Khan announced Rs10 per litre cut in petrol prices, saying the price of petroleum products will remain unchanged till Budget 2022-23.
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