OGRA recommends hike in oil prices

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The Oil and Gas Regulatory Authority (OGRA) on Wednesday recommended as much as a three rupee hike in the prices of petroleum products for November.

In a summary sent to the ministries of petroleum and finance, the OGRA said the international prices of oil products increased in October.

Based on existing tax rates and PSO purchases from international market, the OGRA recommended a hike of Rs 3 per litre.

It recommended that the price of diesel be increased Rs 3.50 per litre.

The ex-depot price of kerosene oil was recommended an increase of Rs 3 per litre.

Officials said that the rate of the petroleum levy and general sales tax, which is 27 per cent, could be decreased to drop oil prices.

New prices would be applicable on November 1 after government approval.