Business
PM rejects OGRA summary proposing hike in petrol prices
OGRA had sent a summary to the Prime Minister’s Office proposing to increase petrol price by Rs12.3 per liter
Islamabad: Prime Minister Imran Khan on Tuesday sent back a summary of the Oil and Gas Regulatory Authority (OGRA) proposing an increase of Rs12.3 per liter in petrol price to the Finance Ministry for review.
According to sources, the OGRA had sent a summary to the Prime Minister’s Office proposing to increase petrol price by Rs12.3 per liter. Sources said that the prime minister returned the summary to the Ministry of Finance for review following which on the directive of PM Imran, the Ministry of Finance will reconsider the increase in the prices of petroleum products.
The sources further stated that Imran Khan has said that petrol prices cannot be increased so much.
Earlier, the Oil and Gas Regulatory Authority (OGRA) had recommended up to Rs8.5 hike in prices of petroleum products from February 16. The regulator, in its summary forwarded to Petroleum Division, recommended Rs8.5 per litre increase in petrol price.
Similarly, a hike of Rs5.5 per litre was recommended in price of diesel. A final approval pertaining to the fresh hike in prices of petroleum products will be taken by the Prime Minister Imran Khan.
The OGRA increased the prices of petroleum products on the basis of the existing levy.
Sources said that if the federal government raises the levy, the hike of prices will be more than summary hike prices. It added that there is no chance to further decrease levy on petroleum products.
The decision regarding prices of petroleum products will be taken by the premier. New prices of petroleum products will be announced tomorrow.