ISLAMABAD: The prices of petroleum products in Pakistan are likely to go up from February 1, 2021 in fortnightly review, sources said.

The Oil and Gas Regulatory Authority (Ogra) sent a summary of petroleum products’ prices in which it proposed an increase of Rs 13 per litre for petrol, and Rs 11 per litre for high-speed diesel, the sources maintained.

Following the guideline of federal government, the regulator worked put the recommended prices base at 17 percent GST and Rs 30 petroleum levy.

The final decision would be taken by the Ministry of Finance after consultation with Prime Minister Imran Khan.

Currently, the levy on petrol is Rs 21.56 per litre and Rs 23.9 per litre on high-speed diesel (HSD).

On January 1st, the price of petrol went up by Rs 2.31 and diesel by Rs 1.80 per litre, while on January 15, the government again increased the price of petroleum products with petrol becoming Rs 3.20 more expensive per litre and diesel Rs 2.95 more expensive per litre.

The prices of crude oil increased to US 53 dollars and Pakistan imports, 65 percent of total consumption of petrol.

Copyright Business Recorder, 2021