ISLAMABAD – The government is likely to increase the prices of petroleum products by two to three rupees per liter from March 1, 2017.
The government officials are cautiously working on the issue of petroleum product prices for the last two months.
The Oil and Gas Regulatory Authority (OGRA) is expected to finalise a summary and would submit a proposal to the concerned ministry for final approval.
The government kept the petroleum prices unchanged for almost six months from May to November, but afterwards, as the price at global market soared, the government had no other choice but to increase the price slowly and gradually.
Since last three months the price for motor gasoline has been increased by almost seven rupees per liter to Rs 71.29 per liter while for high speed diesel it has been raised by Rs 8 to Rs 80.50 per liter.
The government has kept the price of light diesel and kerosene oil unchanged to Rs 43.43 and Rs 43.25 per liter respectively in order to provide cushion to general public.
The Ministry of Finance will give final approval on the changes to be made in the prices of petroleum products.