ISLAMABAD  -   Oil and Gas Regulatory Authority (Ogra) has recommended an increase of up to Rs8.99 per litre in oil prices for the month of June.

In a summary to the Petroleum and Finance Division, the Ogra has recommended hike in the prices of almost all the petroleum products.

The recommendations have been made by Ogra mainly due to increase in oil prices in international market, rupee depreciation against dollar and introduction of new Petroleum Levy rates, said the source. The source said the Ogra recommendations are based on the new Petroleum Levy imposed by the government. Similarly, Ogra has calculated ex-refinery sale prices of petroleum products at standard 17 percent General Sales Tax (GST).

As per summary, the Ogra has recommended an increase of Rs8.99 per litre (6.2 per cent) in the price of high speed diesel (HSD). In case, government approves recommendation, the price of HSD would go up to Rs133.31 per litre from Rs122.32. The high speed diesel is widely used in transport and agriculture sectors.

Similarly, the Ogra has recommended an increase of Rs8.53 per litre (7.8 per cent) in the price of motor spirit (MS). If Ogra’s summary is approved, the price of petrol will increase from current rate of Rs108.42 per litre to Rs 116.95 per litre. The petrol is used in cars and motorcycles.

The Ogra has also recommended increase in price of kerosene oil by Rs1.69 per litre (1.7 per cent). In case the recommendation of the Ogra accepted, the price of kerosene oil will go up to Rs98.46 per litre. Kerosene is used in those areas where LPG is not available for cooking purposes.

The Ogra has also proposed an increase in LDO price by Rs1.68 per litre (1.7 per cent). New prices of LDO if approved will increase to Rs88.62 per litre from current price of Rs86.94 per litre. LDO is used in industry.

it is pertinent to mention here that for the month of May Ogra had recommended an increase of Rs4.89 per litre (4.16 per cent) in the price of High Speed Diesel (HSD), Rs14.37 per litre (12.68 per cent) in the price of petrol, Rs7.46 per litre (8.35 per cent) in kerosene oil and Rs6.40 per litre (7.95 per cent) in Light Diesel Oil. As a result the government had increased prices of petrol by Rs9.53 per litre, Rs4.89 per litre (4.16 per cent) in the price of high speed diesel (HSD), kerosene oil by Rs7.46 per litre (8.35 percent) and light diesel oil by Rs6.40 per litre (7.95 percent).

The government is likely to announce the decision on Ogra’s recommendation today (Friday).