Prices of petroleum products are likely to go up to Rs 86 per liter PiPa News

Prices of petroleum products are likely to go up to Rs 86 per liter

Prices of petroleum products are expected to rise sharply to Rs 86 per liter from May 16. Oil and Gas Regulatory Authority (OGRA) has completed the paperwork. However, the final decision will be taken only with the permission of Prime Minister Shahbaz Sharif.

Sources said that if the government decides not to give any subsidy to the people then the prices of petroleum products will go up to Rs 86 per liter. But if it provides subsidies, then the national exchequer will be burdened with Rs 75 billion.

The Oil and Gas Regulatory Authority (OGRA) has prepared two separate summaries for the increase in prices of petroleum products. In which it is proposed to phase out the subsidy or complete it.

According to the first proposal of OGRA, the price of petrol should be increased by Rs 31 per liter while the price of diesel should also be increased by Rs 50 per liter. In the second proposal, it has been recommended to increase the price of petrol by Rs 45.14 and diesel by Rs 85.85.

The devaluation of the rupee against the dollar also contributes to the rise in prices of petroleum products. The subsidy on light diesel oil is currently Rs 64.70 per liter, from May 16 this subsidy will be Rs 68 per liter. Similarly, with the abolition of full subsidy for light diesel, the price per liter will go up to Rs 186.31.

The subsidy on kerosene is Rs 43.16 per liter and from May 16 the subsidy on kerosene will be Rs 50.44 per liter. Similarly, eliminating the subsidy on kerosene will bring down its price to Rs 176.

At present, the subsidy on diesel is Rs 73.4 per liter. From May 16, the subsidy on diesel will go up to Rs.

It gives a subsidy of Rs 29.60 per liter of petrol. From May 16, the amount of subsidy on petrol will reach Rs 45.14 per liter. If all subsidies are abolished, petrol will have to be increased by Rs 45.15 per liter, as a result of which petrol will be Rs 195 per liter.

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