Officials in the Ministry of Petroleum and Natural Resources have revealed that petroleum product prices in the country could increase by up to 19.9 per cent in July due to a rise in global crude oil prices.
The ministry received a summary from the Oil and Gas Regulatory Authority (OGRA) on Wednesday which recommended an upward revision in oil prices as international crude rates increased.
Prices of all the petroleum products, except for kerosene oil, are deregulated and OGRA only monitors their prices. The government has the capability to absorb the impact of proposed increase in oil prices by adjusting the tax rates on petroleum products.
