ISLAMABAD - Oil and Gas Regulatory Authority (Ogra) has recommended an increase of up to 40.57 percent in the prices of POL products for the first fortnight of March 2017.

Under its fortnightly price adjustment, Ogra has recommended an increase of 4.15 percent or Rs2.96 per litre in the prices of Motor Spirit (petrol), increase of 2.7 percent or Rs2.18 per litre in the price of high speed diesel (HSD), it is learnt reliably here on Monday.

According to the summary sent to the Ministry of Petroleum and Natural Resources and the Ministry of Finance, the Ogra has proposed double digit increase in the price of kerosene and light diesel oil (LDO). As per the Ogra’s summary, it is proposed to the government to increase 40.57 percent or Rs17.55 per litre in the price of kerosene oil and 25.24 percent or Rs10.94/litre increase in the price of light diesel oil (LDO).

In its summary, Ogra has recommended an increase of Rs2.96 per litre in the price of petrol, after this increase the price of this product will go up from the current Rs71.29 to Rs74.25 per liter. Similarly, after an increase of Rs2.18 per litre, the prices of the HSD will raise from the current Rs80.48 per litre to Rs82.66.

The prices of kerosene oil after an increase of Rs17.55 will go up to Rs60.80 per litre from the existing Rs43.25 per litre and the price of light diesel oil (LDO) will go up with an increase of Rs10.94 per litre from the existing Rs43.34 to Rs54.28. The government will announce its decision regarding the Ogra’s recommendation today (Tuesday).

It is pertinent to mention here that in January the government had increased the prices of petrol and high speed diesel (HSD) by Rs2.25 and Rs2.26 per litre respectively. On February 15, the government via SRO 91(1)/2017 has also increased the General Sales Tax (GST) on diesel from 28 percent to 29.5 percent.