OGRA moves summary for petroleum price hike

Islamabad: Oil and Gas Regulatory Authority (OGRA) has sent a summary to increase petroleum prices to the government, ARY News reported.

Sources say that the federal government will end subsidies on petroleum prices in multiple steps.

According to OGRA, the government is providing an unfunded subsidy of Rs29.60 per litre of petrol, which is expected to go up to Rs45.14 in May.

While a subsidy of Rs73.04 is in place on per litre Diesel, that could to reach Rs85.85 in May.

The government is currently providing a subsidy of Rs64.70 per litre of light diesel, which is expected to escalate to Rs68 in May.

Also Read:

per litre 30 rupees loss on petroleum: Miftah Ismail" href="https://demo.arynews.tv/govt-bearing-per-litre-30-rupees-loss-petroleum-miftah-ismail/" rel="bookmark">Govt bearing per litre 30 rupees loss on petroleum: Miftah Ismail

If the government decides to remove the subsidy over petrol prices then the price per litre of petrol is expected to reach Rs195. The price per litre of diesel will go to Rs230 if subsidies are removed.

The devaluation of the Pakistani Rupee against the greenback is a big reason for the increase in Petroleum prices. The final decision for the increase in prices will be made after the Prime Minister’s approval.

Finance Minister Miftah Ismail on Thursday had said that the government treasury is bearing a 102 billion rupees loss on account of petroleum products each month.