The Oil and Gas Regulatory Authority (OGRA) on Saturday proposed Rs 16 per litre hike in petrol price from February 16, a private TV channel reported, citing sources. The OGRA has forwarded its summary regarding new rates of petroleum products to the petroleum ministry. The OGRA has also proposed raising Rs14 per litre on high-speed diesel. Reports said OGRA has prepared its summary on the basis of a levy of Rs 30 per litre. Currently, the levy on petrol is Rs 21.04 per litre. Reports said that petrol price is likely to go up by Rs 5.50 and diesel by Rs 5.75 for remaining days of the ongoing month. The new rates will take effect from February 16 after approval by the prime minister. Last month, at the turn of February, the price of petrol went up by Rs2.70 per litre. Light diesel oil saw a rise in price by Rs3, high speed diesel by Rs2.88 and kerosene by Rs3.54 per litre.