Prices of petroleum products likely to go up

ISLAMABAD: Prices of petroleum products are likely to go up from June 1 as the Oil and Gas Regulatory Authority (Ogra) has sent a summary to the Ministry of Petroleum for increasing the same by Rs13.96 per litre. It has been forwarded to the Prime Minister’s House for approval.
As per media reports in the wake of increase in the prices of petroleum products in the international market, Ogra has recommended raising the prices of petroleum products. However, prices will be enhanced after approval is accorded by the prime minister (PM).
As per the report, Ogra has proposed to increase price of petrol by Rs6.19 per litre, high speed diesel by Rs7.09, high octane diesel by Rs13.96, light diesel by Rs7.62 and price of kerosene by Rs6.25.
Ogra has proposed to the Ministry of Petroleum that prices of petroleum products are going up in international market, and if government wants to keep prices of petroleum products stable, it will have to slash the sales tax slapped on prices of petroleum products. If sales tax is not curtailed, then an increase in prices of petroleum products is must.