OGRA to increase price of petroleum products from May 1

By jazbablog - Tue Apr 27, 9:37 pm

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Another bombshell looks on the cards as Oil and Gas Regulatory Authority (OGRA) has started methodical reviewing to increase petroleum prices by 3-8 per cent from May 01 to pass on the impact of price rise in the international market to consumers.

Sources say that OGRA’s think tanks are reviewing to increase petroleum products from May 1 thus notification will be issued on the night of April 30.

According to new rates petrol will be increased by 3 percent, diesel by 7 percent and kerosene oil is expected to jack up by 8 percent in this regard.

The price increase is likely to push up the rate of rise in overall inflation and higher cost of industrial production that has already been under pressure because of higher electricity and gas rates.

OGRA said the prices had been jacked up because of an equivalent surge in the international market.

Sources further added that it must be mentioned here that on April 1, petroleum products were jacked up thus another bombshell awaits for masses on the night of April 30.