The government is expected to increase the price of petrol by Rs. 6 per liter from 1st to 16th November if it does not increase the existing tax rates.
However, they have yet to make a decision about increasing the petroleum levy for the next fifteen days, as per sources.
It is being speculated that the levy will be jacked up by mid-November to ensure a controlled surge in the prices as the exchange rate declines.
The Oil & Gas Regulatory Authority and the Petroleum Division formulated increases of Rs. 6 per liter in the price of petrol and Rs. 8 per liter in the price of high-speed diesel on the basis of the current tax rates.
Elevations in the prices of kerosene and light diesel oil were estimated in the same range primarily due to the exchange rate loss and the increase in global prices of oil in the last 10 to 12 days.
An official divulged that the government may increase the petroleum levy by Rs. 4 per liter either on Sunday or 16 November, depending on the result of its talks with the International Monetary Fund for the restoration of its program.
The Ministry of Finance will announce its final decision on the matter after a discussion with the Prime Minister on Sunday.
