ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) on Sunday proposed an increase of Rs5.50 per litre in petrol prices from March 16.

According to the sources, the OGRA recommended an increase of Rs5.75 per litre prices of high-speed diesel (HSD). The regulator has forwarded its summary regarding new rates of petroleum products to the ministry.

Sources prior to the matter said that OGRA has prepared its summary on the basis of the existing levy. Currently, the levy on petrol is Rs12.65 per litre and Rs12.53 per litre on diesel.

The Finance Ministry would give its opinion on the taxes being collected on the sale of petroleum products.

The final decision on increase in the prices of petroleum products will be taken after prime minister’s approval.

Earlier on February 28, prices of petroleum products would not see any increase at least for a fortnight as Prime Minister Imran Khan had rejected the Oil and Gas Regulatory Authority’s (OGRA) proposal to jack up fuel rates from March 1.

Special Assistant to the Prime Minister on Political Communication Dr Shahbaz Gill had tweeted that the OGRA recommended an increase in prices of petroleum products by up to Rs7 but the prime minister didn’t accept the proposal.

He had said Prime Minister Khan didn’t grant permission for hiking fuel prices despite international oil rates going up consistently.

Presently the prices of petroleum products are: Petrol, Rs111.90 per litre; High-speed diesel, Rs116.07 per litre; Kerosene oil, Rs80.19 per litre; and Light diesel, Rs79.23 per litre. NNI