The government is likely to take an important decision to end the subsidy being given to maintain the prices of petroleum products (POL) at the same level for the second fortnight of May 2022.
According to sources, the Oil and Gas Regulatory Authority (OGRA) has informed the government about increasing subsidy on POL products and a massive hike in the oil prices is likely for the remaining fifteen days of the month of May.Â
According to OGRA the government has been giving subsidy worth Rs29.60 per litre on petrol which will increase to Rs45 per litre if the government does not end the subsidy. However, if the government completely ends the subsidy then petrol price from May 16 will increase to Rs195 per litre from Rs149.86 per litre. They said the government is currently giving subsidy of Rs73 per litre on high speed diesel (HSD) which will increase to Rs85 per litre if it does not end the subsidy on HSD from May 16.Â
Prime Minister Shehbaz Sharif will take final decision in this regard and the finance division will announce new prices of POL products on May 15, said sources. Â
