The Oil and Gas Regulatory Authority (OGRA) has sent a summary to the Petroleum Division suggesting an increase in fuel prices.
According to sources, the OGRA has suggested increments of Rs. 11.5 in the price of petrol, Rs. 2.40 and Rs. 1.40 in the prices of high speed diesel and light speed diesel respectively, and Rs 1.50 in the price of kerosene oil.
The final approval will come from the Prime Minister’s (PM) Office, and the updated prices will be made effective on 16 July.
Sources said that the price hike comes in response to the rising prices of petroleum products in the international market. Additionally, the petrol prices had gone up at the start of the month.
The OGRA had proposed a hike of Rs. 6.50 in the price of petrol but PM Imran had approved an increment of two rupees.
When asked about the price hike, the Special Assistant to the PM on Political Communication, Shehbaz Gill, said that the price hike was in accordance with the international market trends.