A significant adjustment in petroleum product prices is expected in the coming days, as the petroleum industry has submitted a working paper to the Oil and Gas Regulatory Authority (OGRA).
According to sources, preliminary calculations show a reduction of Rs. 0.36 per liter in petrol prices. However, a price increase of Rs. 9.47 per liter for diesel has been proposed. Similarly, the price of kerosene oil is expected to rise by Rs. 3.45 per liter, while light diesel oil (LDO) may see an increase of Rs. 7 per liter.
Sources say OGRA will soon forward the working paper to the federal government. After that, the government will have the authority to make adjustments to taxes and petroleum levy, which could influence the final prices.
If the government decides to reduce taxes or levies, the impact of the proposed price hikes could be minimized. The final decision on petroleum prices will be taken after approval by the Prime Minister.
Source: City42
