The Oil and Gas Regulatory Authority (OGRA) has recommended an increase in fuel prices from 1st January 2021.

Petrol prices are likely to rise by Rs 2.76 per litre while diesel prices are expected to increase by Rs 3.12 per litre, as reported by ARY News.

The authority has conveyed a summary to the petroleum division for changes in fuel prices for 15 days from the 1st of January.

A final decision is yet to be made in this regards and will be announced after the petroleum division's consultations with the Prime Minister.

Previously, OGRA had announced an increase in petrol prices on the 15th of December 2020, as part of its bimonthly petroleum product pricing exercise.

After this price hike, petrol has been sold at 103.69 after an increase of Rs 3, while prices of Hi-speed diesel also increased by Rs 3 to 108.44. In addition too this, Kerosene oil prices rose by Rs 5 and Low-speed diesel witnessed a Rs 2 jump.

These prices are to stay in effect till the end of 2020 after which the committee is required to recommend new fuel pricing.