Islamabad - Ogra yesterday recommended the government increase the prices of different petroleum products up to 19.39 percent, it is learnt reliably here.

The Oil and Gas Regulatory Authority (Ogra) sent a summary to the petroleum and finance ministries suggesting Rs 1.93 per litre (3 percent) increase in the price of petrol for the month of July.

It further proposed Rs 3.75 per litre (5.17pc) increase in the price of High Speed Diesel (HSD), Rs5.38 per litre (14.16pc) increase for Light Diesel Oil (LDO), Rs 8.62 (19.39 pc) for Kerosene price and Rs 3.53 (4.86pc) for High Octane Blended Oil (HOBC).

If the prices recommended by Ogra are approved then petrol price will reach from Rs64.27 to Rs66.2 per litre, HSD from Rs72.52 to Rs79.21, LDO from Rs37.97 to Rs43.35, Kerosene from Rs43.25 to Rs51.83 and HOBC Rs76.21 from Rs72.68, according to Ogra sources.

However, the sources said that due to advent of Eidul Fitr the government is unlikely to change the prices of petrol and diesel.

POL price recommendations by Ogra for May and June were also rejected by Prime Minister Nawaz Sharif, probably in an effort to appease public as his government has been facing tremendous pressure because of Pamana leaks. To the keep the prices unchanged, the government had to cut General Sales Tax (GST) on different POL products for May and June.

To offset the affect of increase in crude oil price in the international market, the government reduced GST on petrol from Rs14.48 to Rs12.89 per litre for May, on HOBC from Rs18.57 to Rs13.90, on LDO from Rs9.63 to Rs4.72 and on Kerosene oil from Rs10.40 to Rs4.76, but no change was made in the GST on HSD which remained at Rs29.57 per litre.

Similarly, the GST for June was further slashed. On petrol it was reduced from Rs12.89 to Rs9.36 per litre, on HOBC from Rs13.90 to Rs10.58, on LDO from Rs4.72 to Rs1.86 and on HSD from Rs29.57 to Rs18.47, while GST on Kerosene was increased from Rs4.76 to Rs5.58 per litre.

The petroleum products prices are revised every month by the government in the light of Ogra suggestions on every end of the month to decide new prices for the next month.

Contrary to the forecasts of a lot of analysts who predicted global oil prices would go down as low as $10 a barrel, Brent crude has made a rebound by hitting the highest level since the beginning of 2016.

The international benchmark for oil prices touched $44.68 per barrel on April 12, up 60.60 percent from $27.82 per barrel recorded on January 20.