The Oil and Gas Regulatory Authority (OGRA) has recommended an increase of up to Rs. 12 per liter for petroleum products. The authority has forwarded a summary about the new rates of petroleum products to the ministry.
The government has to approve the increase before it’s made official. After getting approval from the Prime Minister, the new prices will take effect from June 1.
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According to the rates recommended in the summary, the petrol price may increase by Rs. 9.50 while high-speed diesel (HSD) may increase by Rs. 11.5. Whereas, the price of light diesel oil (LDO) is recommended to increase by Rs. 7.85 and kerosene is expected to see a rise of Rs. 12 per liter.
Usually, the government does not follow through with OGRA’s recommended price and the price hike is normally lower. However, we won’t know for sure until the new prices are officially announced.
According to OGRA, the impact of rupee depreciation against the dollar and increased crude oil prices in the international market are the reason for the recommended price hike.
The government had increased the prices earlier this month as well.