ISLAMABAD: Fuel prices in the country are likely to be raised by over Rs3 per litre with the start of 2021.
According to sources, the federal government is likely to increase the prices of petroleum products from January 1, 2021, whereas the Oil and Gas Regulatory Authority (OGRA) has sent a summary to the Petroleum Division regarding future oil prices, seeking an increase in prices of petroleum products for the first fifteen days January.
Sources said that OGRA has suggested raising the price of petrol by Rs2.96 per litre and Rs3.12 per litre in high speed diesel (HSD) price.
Sources also said that the hike in the prices of kerosene and light diesel oil (LDO) was under consideration and the Finance Ministry, after getting consent from Prime Minister (PM) Imran Khan, will announce oil prices on new year night.
Earlier, the Ministry of Finance on December 15 had announced prices of petroleum products for the remaining days of the month.
At present, petrol is available at Rs103.69/litre, HSD at Rs108.44/litre, kerosene oil Rs70.29/litre and LDO at Rs67.86/litre in the open market.
Sources said that the government can maintain oil prices at the current level, whereas it can also reduce the prices of petroleum products by decreasing the ratio of various taxes, levy etc., already imposed on the per litre price of petroleum products.
