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HomeEconomyPetrol prices may increase by Rs 45 from May 16 MPNRC News
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Petrol prices may increase by Rs 45 from May 16 MPNRC News

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Petrol prices may increase by Rs 45 from May 16

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The Oil and Gas Regulatory Authority (Ogra) has worked out new prices for petrol and diesel as the government prepares to take unpopular financial decisions before resuming talks with the International Monetary Fund (IMF) in Qatar next week.

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Wahab Kamran of Sama TV told that Ogra has sent two summaries to the government and the new prices may be announced on Sunday night and will be effective from Monday, May 16.

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Ahead of the seventh review meeting with the IMF on the latest economic developments and policy implementation in Pakistan, the federal government will return the subsidies announced by then-prime minister Imran Khan in late February.

In a summary sent to the government, Ogra has proposed a “phase-wise” hike in fuel prices.

Petrol price will go up by Rs 45 per liter if the government withdraws the subsidy completely, but may go up to Rs 31 if the government decides to continue with the subsidy partially.

Ogra has proposed an increase in the price of diesel by Rs 50 per liter in the first summary and by Rs 85.85 in the second summary.

Ogra spokesman Imran Ghaznavi declined to comment on the summary sent to the government when SAMAA TV contacted him, saying the authority’s chairman has barred officials from sharing any details on the summary.

The final decision in this regard will be taken after the approval of Prime Minister Shahbaz Sharif.

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