Petrol Prices increased by Rs 2.5 rupees

ISLAMABAD: The Government has increased petrol price by Rs2.50 per litre from March 1, 2019.

The new price of petrol will be Rs92.88 per litre, read a notification issued by the Ministry of Finance.

Similarly, the price of diesel was increased by Rs4.75 per litre, taking it to Rs111.43 per litre.

The new price of kerosene oil reached Rs86.31 per litre after it was increased by Rs4 per litre, according to the notification.

The price of light diesel oil also went up by Rs2.5 per litre, reaching Rs77.53 per litre.

A notification has been released regarding the implementation of new rates of petroleum products. According to the notification, new rates of petrol will be Rs92.88 per litre after an increase up to Rs2.50.

The notification will take into effect from March 1 (Thursday) at 12:00 midnight.

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Earlier, the Oil and Gas Regulatory Authority (OGRA) has recommended the federal government to hike prices of petroleum products.

According to the details, the OGRA sent a summary to the federal government. In the summary, the OGRA proposed to hike the prices of diesel and petrol in line with fluctuation of oil prices in the international market.

The price of diesel has been proposed to be increased by Rs9.44 per litre and petrol by Rs4.71 per litre, a letter for March 2019 read.

The regulator has also requested the prices of kerosene oil to be raised by Rs8.06 per litre and light diesel oil (LDO) by Rs5.12 per litre for next month.

Ogra has forwarded a summary to the Ministry of Energy (Petroleum Division), which recommended revision in oil prices.

If the government accepts this recommendation, then diesel prices would inflate from existing Rs106.68 to Rs116.12 per litre, petrol from current Rs90.38 to 95.09 per litre, LDO from Rs75.03 to Rs80.15 per litre and kerosene from Rs82.31 to Rs90.37 per litre.

The government will take the final decision on Ogra’s recommendation on Thursday.