ISLAMABAD – Draft to increase the prices of the petroleum products by Rs. 7.66 per liter from April 01, submitted to Prime Minister. It is suggested in the report to raise the prices of Petrol by Rs. 4.40, High Octane by Rs. 7.66, and High Speed Diesel by 6.25 per liter.
The final authority of whether to increase the petroleum prices or not lies with the Prime Minister. The Prime Minister will decide the matter later in a day.
According to the source of Ministry of Petroleum, draft submitted to Prime Minister for the increase in prices includes the suggested increase of prices of Petrol, High Octane, High Speed Diesel, Light Diesel and Kerosene Oil by Rs. 4.40, Rs. 7.66, Rs. 6.25, Rs. 2.56 and Rs. 1.50 per liter respectively.
The Oil And Gas Regulatory Authority (OGRA) has no right to fluctuate the prices of petroleum products. They sent the summary to the Prime Minister of Pakistan to increase the prices.
The Oil Companies Advisory Committee submit the working paper to fluctuate the prices of petroleum products to the government after taking into account the trend of Oil prices in the international market.
After consultation with the Ministry of Finance regarding the variation in the tax imposed on Oil, the Oil Companies Advisory Committee sends the Draft to the Prime Minister. After the approval from the Prime Minister the increase in prices announced.
The OGRA is only authorized to monitor the oil prices.
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