Daily Times

The government is likely to increase prices of petroleum products by as much as Rs 12 per litre from June 1, just days ahead of Eidul Fitr. The Oil and Gas Regulatory Authority (OGRA) will forward its summary proposing new rates on May 30, while the new prices will take effect from June 1 after approval by the prime minister, a private news channel reported on Tuesday. The price of petrol may be increased by Rs 9.50, while high speed diesel (HSD) may go up by Rs 11.5. Similarly, the price of light diesel oil (LDO) is likely to increase by Rs 7.85, while kerosene oil may see a rise of Rs 12 per litre. The impact of rupee depreciation against the dollar is said to be incorporated in the HSD and petrol prices, while the remaining increases would be made due to the rise in crude oil rates. Earlier this month, the Pakistan Tehreek-e-Insaf (PTI) government dropped its first ‘petrol bomb’ on the masses, increasing the prices of petroleum products by up to nearly 10 percent. Petrol price was increased from Rs 98.88 to Rs 108.42 – reflecting an increase of Rs 9.54 per litre or 9.6%.