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OGRA Proposes a Massive Increase of Up to Rs. 119 in Petroleum Prices

The Oil and Gas Regulatory Authority (OGRA) has recommended an increase in petroleum prices by up to Rs. 119 effective from April 16, 2022.

The working forwarded by OGRA to the Petroleum Division has proposed an increase in petroleum prices based on the current zero petroleum levy and GST rate and also on the maximum petroleum levy and GST rate.

The working based on maximum petroleum levy and GST rate proposes an increase in prices of high-speed diesel (HSD) by Rs. 119 per liter, prices of petrol by Rs. 83.50 per liter, prices of kerosene oil by Rs. 77.56 per liter and light diesel oil (LDO) by Rs. 77.31 per liter.

On the other hand, the working based on the zero petroleum levy and GST rate proposes an increase in prices of high-speed diesel (HSD) by Rs. 51.32 per liter, prices of petrol by Rs. 21.30 per liter, prices of kerosene oil by Rs. 36.5 per liter and light diesel oil (LDO) by Rs. 38.89 per liter.

The final decision to increase the prices of petroleum products rests with Prime Minister Shahbaz Sharif. The prime minister, on Wednesday, had chaired an emergency meeting to review the prices of petroleum products. The premier was briefed by the OGRA Chairman petroleum prices mechanism and potential options to continue the subsidy considering the IMF commitments.

It is pertinent to mention here that back in February former prime minister Imran Khan had announced a reduction of Rs. 10 per liter in petroleum prices and announced the new rates would remain in place till the FY23 budget.

The global crude oil prices have soared since then, however, prices of petroleum products have remained unchanged in Pakistan. The current price of petrol stands at Rs. 149.86 per liter, whereas the per-liter prices of diesel, kerosene oil, and light diesel are Rs. 144.15 per liter, Rs. 125.56 per liter, and Rs. 118.31 per liter, respectively.

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