The petroleum products’ prices are set to see a spike once again as the Oil and Gas Regulatory Authority (OGRA) has forwarded another upward revision. If OGRA’s proposal is accepted by the government, the petroleum products will see an increase of Rs 5 to Rs 7.5 in their prices.
OGRA’s Price Recommendation for Petroleum Prices
As per the summary forwarded to the government by OGRA, following price hikes will be seen;
- Petrol price to go up by Rs 7.46 per liter.
- High-speed Diesel (HSD) to see an increase of Rs 7.87 per liter.
- Light Diesel Oil’s (LDO) price to be increased by Rs 5.25 per liter.
- Kerosene Oil’s price to go up by Rs 5.61 per liter.
The government will consider the prices on the last day of the current month. The updated prices, once approved, will take effect on 1st June 2018.
The prices were at their lowest in 2016 as the global crude oil prices decreased after an increase in the supply. However, for the last year or so, the prices have continuously been going up with no signs of coming down significantly. Pakistan government increased the petroleum products last month as well since prices in the global market continue to fluctuate.
Currently, one barrel of Brent crude oil costs about $75.70 in the international market.