The Oil and Gas Regulatory Authority (OGRA) has proposed that the government raise petroleum product prices by up to Rs51.52 per liter starting April 16, 2022.
According to sources, OGRA has transmitted its findings to the Secretary of the Ministry of Energy (Petroleum Division) for review and further action. According to them, OGRA has requested a massive price jump of up to 35.7 percent in per liter petroleum product prices starting April 16, 2022, for the remaining half of the present month of April 2022.
According to them, the OGRA has requested that the government approve price increases of Rs51.32 per liter (35.7%) for high speed diesel (HSD), Rs21.30 per liter (14.2%) for petrol (Motor Spirit), Rs 36.05 per liter (28.7%) for Superior Kerosene Oil (SKO), and Rs38.89 per liter (32.9%) for light diesel oil (LDO) for the remaining half of April 2022.
According to the sources, the existing notified petroleum levy and GST rate in petroleum product prices is zero, and OGRA’s work is also based on zero petroleum levy and GST rate.
According to oil sector sources, if Shehbaz Sharifs new government approves the anticipated increase in petroleum product prices, the public will be outraged. They claimed, however, that the new government is unlikely to accept a price raise on gasoline items, presumably to appease the already afflicted population.
On the condition of anonymity, a petroleum division official said that if the government does not raise the price of petroleum products, it will have to provide a subsidy of almost Rs30 billion starting April 16, 2022 for the remaining half of the present month of April.