Oil and Gas Regulatory Authority has sent a summary to Ministry of Petroleum to increase petroleum product prices from the New Year, a jolt to consumers and if approved it would lead to inflationary pressure.
The Ministry of Petroleum and Ministry of Finance will seek final approval from Prime Minister Shahid Khaqan Abbasi on petroleum products.
The proposal sent showed that petrol price might see a jump of Rs 4.06 per liter, High speed diesel Rs 5.83 per liter, Light diesel oil by Rs 12.49 per liter and Kerosene by Rs 13.58 per liter.
The December price for the following products which were fixed last month was petrol Rs 77.47 per liter, high speed diesel Rs 85.95 per liter, light diesel Rs 52.12 per liter and Kerosene oil Rs 57.58 per liter.
If we took a cursory glance on petroleum product prices on annual basis all the products consumed in the country registered an increase of 18.5 percent to 33 percent.
During 2017 petrol was up by 20.5 percent to Rs 77.47 per liter, high speed diesel was up by 18.5 percent to Rs 85.95 per liter, light diesel oil rose 20.25 percent to Rs 57.58 per liter and0 kerosene up by 33 percent to Rs 57.58 per liter
