Oil and Gas Regulatory Authority has proposed petroleum product price increase effective from February 1, 2018.

OGRA has sent summary for approval proposing price increase of Rs 2.98 per liter for petrol, Rs 10.25 for diesel, Rs 12.74 per liter for kerosene and Rs 11.72 per liter for light diesel.

If the said price will be approved the new price from next month for petrol would be Rs 84.51 per liter from current price of Rs 81.53 per liter, diesel price might reach to Rs 100.16 per liter from Rs 89.91 per liter, light diesel would be rs 70.09 per liter from Rs 58.37 per liter and kerosene oil price might be around Rs 77.06 per liter from Rs 64.32 per liter.

The price of petroleum product has been escalating on two counts first rising crude oil price which reached to almost four year high level and also because of rupee depreciation of five percent.

Another aspect of continued rise in petroleum product price has been government stance to improve revenue collection as the price of products domestically have been still cheaper compared with the regional peers like India, Sri Lanka and Bangladesh.