ISLAMABAD: The Oil and Gas Regulatory Authority (Ogra) has recommended to the Petroleum Division another increase in the rate of petroleum products with effect from August 16.

The regulator has recommended a Rs2.50 per liter increase in the price of High-Speed Diesel (HSD), Rs0.50 per liter increase in the price of petrol, and Rs1.00 per litre in the prices of Light Diesel Oil and Kerosene Oil.

The prices of petroleum products have been worked out on the basis of current rates of general sale tax (GST) and Petroleum Levy (PL) on petroleum products.

Up to 1.4pc hike in prices of petroleum products recommended

The increasing prices of petroleum products in the international oil market forces the government to pass on full or partial impact to the general masses.

The Finance Ministry will take the final decision on the petroleum prices after consultations with Prime Minister Imran Khan. The new prices will take effect from Monday. Earlier on July 30, petrol prices were increased by Rs1.71 per litre, however, the rate of HSD remained unchanged for first half of August.

Copyright Business Recorder, 2021