Tuesday, January 31, 2023

OGRA predicts another petrol price hike from 1st March

OGRA Chairman Masroor Khan warned on Wednesday that the price of petrol may be raised again starting March 1 if the current trend continues.

According to reports, the National Assembly (NA) Standing Committee on Petroleum met in Islamabad on Wednesday under the chairmanship of Imran Khatak, during which the chairman of the Oil and Gas Regulatory Authority (OGRA) hinted that the prices of petroleum products will increase from March 1 as a result of the rise in oil prices globally.

According to him, the government receives Rs14 in petroleum levy, while the GST is zero. He also stated that the increase in oil prices on the world market in just 12 weeks was unprecedented, according to the meeting.

When questioned about the effect of the current situation in Russia on petroleum prices in Pakistan, the chairman of the Oil and Gas Regulatory Authority (OGRA) responded as follows: “You are fully aware of today’s development regarding the hike in oil prices globally as a result of the Russia-Ukraine crisis.” As prices continue to rise, the burden will fall directly on the shoulders of the general public.”

It is worth noting that the federal government increased the pricing of petroleum products by up to Rs12 per liter on February 16th, 2018.

Read Also: The price of petrol has increased by Rs 12 per litre

According to a statement released by the finance ministry, the ruling Pakistan Tehreek e-Insaf (PTI) administration has increased the price of petrol by Rs12.03 per liter, high-speed diesel by Rs9.53 per liter, and light diesel by Rs9.43 per liter.

According to the statement, the price of kerosene oil has also increased by Rs10.08 per liter.

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