Sources said the oil industry has forwarded a working paper recommending an increase of Rs4.58 per litre in petrol prices and Rs4.73 per litre in high-speed diesel.

The proposal also suggests raising kerosene oil prices by Rs7 per litre and light diesel oil by Rs5 per litre.

OGRA will review the summary before forwarding its recommendations to the federal government for final approval.

Authorities said the government would consider revenue targets and broader economic factors before announcing revised prices.

Officials noted that any adjustment in taxes or petroleum levy could further influence final consumer prices, while a reduction in taxes may limit the increase or keep prices unchanged.

The final decision is expected after government approval ahead of the next fortnightly price revision.