ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) on Wednesday sent a summary to the Ministry of Petroleum, recommending 19.9 per cent increase in the prices of petroleum products from July 1 due to the rise in the global crude oil prices. The prices of all petroleum products, except kerosene oil, have been deregulated and OGRA only monitors them. The government has the capacity to absorb the impact of the proposed increase in oil prices by adjusting the tax rate on petroleum products. Despite more than 50 per cent decrease in global oil prices, the government in Pakistan did not give consumers full relief in recent months. It heavily taxed the petroleum products to make up for the revenue losses. At present, two types of taxes are being collected from oil consumers — petroleum levy and general sales tax. The Ministry of Finance may oppose any proposal for keeping the oil prices unchanged in the latest revision, as it would affect the revenues. Prime Minister Nawaz Sharif will take the final decision.