The Oil and Gas Regulatory Authority (OGRA) has recommended increasing oil prices by as much as Rs 14.37 per litre for the month of May, a private TV channel reported on Monday.
In a summary moved to the Petroleum Division, the OGRA proposed that the price of high speed diesel (HSD) be raised by Rs 4.89 per litre and petrol price be hiked by Rs 14.37 per litre for the next month. The regulator has also requested an increase of Rs 7.46 per litre in prices of kerosene oil while a rise of Rs 6.40 per litre has been recommended for the light diesel oil (LDO).
If the government accepts the recommendation, the diesel prices will inflate to Rs 122.32 per litre, petrol to 113.26 per litre, LDO to Rs 86.94 per litre and kerosene oil will go up to Rs 96.77 per litre.
Prime Minister Imran Khan will take the final decision over the price hike after consultations with the petroleum and finance ministries.
Last month, the government had raised the oil prices by up to Rs 6 per litre for April in line with fluctuation in the global oil prices. Prices of petrol and high speed diesel were increased by Rs 6 per litre each, and kerosene oil and light diesel oil by Rs 3 per litre each.
The price of diesel was inflated from Rs 111.43 to Rs 117. 43 per litre, petrol from Rs 92.89 to 98.89 per litre, LDO from Rs 77.54 to Rs 80.54 per litre and kerosene oil from Rs 86.31 to Rs 89.31 per litre.
High speed diesel is widely used in agriculture and transport sectors and therefore increase in its price will have a direct impact on life of the common man due to inflationary impact. The petrol is used in light transport vehicles. Kerosene is used in remote areas for cooking where LPG is not available.