Another bombshell looks on the cards as Oil and Gas Regulatory Authority (OGRA) is mulling to increase petroleum prices by Rs 1or 2 from September 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 September 1 thus notification will be issued on the night of August 31.
According to new rates petrol will be increased by Rs 1or 2 rupees, diesel by Rs 1.50 paisas 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