Oil and Gas Regulatory Authority (OGRA) has proposed a hike of Rs4.20 per liter in petrol price. According to media reports, OGRA has sent a summary to the Petroleum Division to revise the prices for next 15 days. The authority has also sought a hike of Rs3.50 per liter in the price of diesel.
While keeping Petrol Levy (PL) and Sales Tax in view, OGRA calculates ex-depot prices of petroleum products and then suggests the price revision to the government. Currently, the PL on petrol is Rs4.80 per litre and Rs5.14 per litre on diesel.
Any final decision on the price hike will be taken after approval from Prime Minister Imran Khan. The premier has earlier rejected the price hike summaries multiple times.
Current Petrol Price:
The current price of petrol stands at Rs108.76 per litre. Meanwhile, per litre diesel, kerosene oil, and light diesel are Rs110.76, Rs80, and Rs77.65, respectively.
International Prices:
It must be noted that the international prices of petroleum goods are at 32-month high and have regained all losses it faced during the COVID-19 pandemic. Moreover, the global crude oil has recorded gains for 4th week straight on Monday. Furthermore, the experts have forecasted better fuel demand and tightness in supply as travel restrictions have eased due to anti-COVID vaccination drives across the globe.
As mentioned earlier, the prime minister has not approved the price hikes in petroleum goods on last multiple times. Therefore, it is yet to see what decision he takes this time.
Do you think the government will increase the petrol prices this time? If yes, how much prices of petroleum goods will be increased? What impact will the expected hike have on local consumers? Share your thoughts in the comments section.
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