Petroleum product prices may rise from June 1

ISLAMABAD: The Oil and Gas Regulatory Authority (Ogra) has sent a summary to the Petroleum Division to revise the prices of petroleum products from June 1, sources said Sunday.

According to sources, the Ogra has proposed an increase of Rs4.30 per litre in the price of diesel, while a slight increase in the price of petrol and kerosene has also been suggested.

However, the Ogra is proposing to maintain the price of light diesel, sources said. The final decision on the prices of petroleum products will be taken by the Ministry of Finance in consultation with Prime Minister Imran Khan.

On May 15, the government had decided to keep the prices of petroleum products unchanged for the remaining month of May. "The petroleum products price will remain the same till May 31," the State Minister for Information and Broadcasting Farrukh Habib had said, adding Prime Minister Imran Khan had decided not to burden the people despite increasing rates in the international market.

The minister had claimed the national exchequer would suffer a loss of Rs2.77 billion if the rates of petroleum products are not increased. "The government has not only adjusted petroleum levy but also reduced the sales tax on light diesel and kerosene oil." Therefore, petrol will continue to cost Rs108.56 per litre, diesel Rs110.76 per litre, kerosene Rs80, and light diesel oil Rs77.65 per litre until tomorrow — May 31.