The government has been suggested by the Oil and Gas Regulatory Authority (Ogra) to increase the prices of fuel and other petroleum products by Rs. 5 per liter from the 1st of September. The decision regarding the said development will be finalized today.
July 28 saw the Economic Coordination Committee (ECC) meeting take place, which was led by Advisor to Prime Minister on Finance and Revenue, Abdul Hafeez Shaikh. The recommendation for determining petroleum prices in the country after every 15 days was also approved during the said meeting.
The last hike in prices of petrol and diesel was announced not so long ago, as a notification for the new prices was released just ahead of Eid-ul-Adha, increasing prices by up to Rs. 3.86 per liter for petrol and Rs. 5 per liter for high-speed diesel.
Reports state that it is for the first time, that OGRA has decided to determine the price of petroleum products on a fortnightly basis and shift Pakistan State Oil’s (PSO) price benchmark to the Platts indexes, which is also set to take effect on from September 1st, 2020. With the intervals for petroleum products price regulation, it is likely for the price fluctuations to happen on a more frequent basis.