ISLAMABAD: On Thursday, the federal government received a suggestion from Oil & Gas Regulatory Authority (Ogra) to hike the petroleum prices by 83 per cent (Rs 120 per litre). The oil authority asked for the implementation of the new rates from April 16 across Pakistan.
According to the proposal by Ogra, the petrol price would surge by Rs83.5 per litre and diesel by Rs119 per litre. An increase of Rs77.31 per litre would be applied on Light diesel and Rs 36.5 on kerosene oil. It is pertinent to mention that all prices are in accordance with the full petroleum levy and tax rate.
The final decision would be made after the finance ministry consults with Prime Minister Shehbaz Sharif. Earlier, the World Bank had said that the Pakistan Tehreek-i-Insaf government should not have provided subsidies on petroleum and other products, calling it an ineffective and an unsustainable step.