Petrol prices likely to go up by 6.3% in April

The Oil and Gas Regulatory Authority moved its recommendations to the Finance Ministry and the Petroleum Minister on Monday in which it recommended raising domestic prices in response to sustained upward pressure on global prices. The new prices are expected to be approved on Tuesday (today) following the approval of Prime Minister Nawaz Sharif.

If prices rise according to Ogra’s recommendations, petrol prices in Pakistan will likely increase to Rs74.69 per litre, a rise of Rs4.40 per litre or 6.3%. Prices for high speed diesel (HSD) are expected to go up by Rs6.25 per litre, or 7.8%, to Rs86.86 per litre. Light diesel oil (LDO) is expected to see a price increase of Rs2.56 per litre, or 4.4%, to Rs60.50 per litre. The highest increase is expected to be in high-octane blended component (HOBC), which is expected to see its price rise by Rs7.66 per litre, or 9.6%, to Rs87.84 per litre.

Kerosene prices are expected to see the smallest rise of Rs1.5 per litre, or 2.4%, to Rs62.94 per litre.

“Due to an increase in international crude price, the authority [Ogra] has suggested an increase in fuel prices,” said one official familiar with the regulator’s deliberations.