In a working paper that it submitted to the government, the Oil and Gas Regulatory Authority (OGRA) suggested raising the price of petroleum products. This coincides with worries about prospective revenue shortages and rising oil prices globally.
Sources claim that the regulatory body has recommended raising the price of gasoline by Rs 3.44 per litre. The ex-refinery price would rise as a result, going from Rs 192.17 to Rs 195.61 a litre.
The proposal also calls for a possible hike in diesel prices of Rs 1 per liter, bringing the ex-refinery price up to Rs 207.75 per liter from Rs 206.75. Prices for kerosene may also increase by Rs 1 per liter; the ex-refinery price may rise from Rs 177.70 to Rs 178.52 per liter.
On the other hand, the OGRA has suggested a vague reduction in the cost of light diesel oil (LDO).
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It is crucial to remember that these are only recommendations, and the Ministry of Finance has the last say on any changes to prices. Before reaching a final decision, the ministry will take into account a number of issues, including potential effects on customers, revenue requirements, and worldwide market trends.