The Oil and Gas Regulatory Authority (OGRA) has proposed an upward revision of Rs4.20 in petrol price for the next 15 days from June 16.
According to details, OGRA has moved a summary to the Petroleum Division for approval, seeking an increase in petrol prices by Rs4.20 per litre and Rs3.50 per litre hike in diesel prices.
It emerged that petroleum levy on petrol and diesel are expected to remain unchanged following the working on petroleum products for a new fortnight. Currently, a levy of Rs4.80 per litre is being charged on petrol and Rs5.14 per litre on diesel.
Any final decision on the hike in petrol prices would be made after approval from Prime Minister Imran Khan, who had previously rejected such hikes multiple times.
The current price of petrol stands at Rs108.76 per litre, whereas the per litre prices of diesel, kerosene oil, and light diesel are Rs110.76, Rs80, and Rs77.65, respectively.
It is pertinent to mention here that global crude prices at present stand at 32-month high and have regained all losses made during the coronavirus pandemic. Global crude prices marked a fourth week of gains on Monday amid better forecasts for fuel demand along with tightness in supply as increased levels of anti-Covid vaccinations resulted in the easing of travel restrictions.