The Oil and Gas Regulatory Authority (OGRA) on Thursday refuted reports of sending a summary to the Petroleum Division, recommending a massive increase in fuel prices from January 16. “Reports circulating in the media regarding hike in prices of petroleum products are based on speculation,” said a spokesperson of the OGRA. Earlier in the day, it was reported that Oil and Gas Regulatory Authority (OGRA) has put a proposal to hike prices of all the major oil products in the country. The OGRA has proposed an increase of Rs11.95 in per litre price of petrol and Rs9.57 in per litre price of diesel. However, the OGRA rejected this report. Earlier on January 1, the government hiked the price of petrol by Rs2.31 per litre across Pakistan. According to a press release, the PM had rejected the summary forwarded to him by the OGRA which had recommended an increase in the price of petrol by Rs10.68 per litre. The OGRA had also recommended an increase in the price of diesel by Rs8.37 per litre. However, the PM House had said that the Premier had rejected the suggestions and instead, approved an increase in the prices of petrol and diesel by Rs2.31 per litre and Rs1.80 per litre respectively.