ISLAMABAD: As per working paper submitted to the finance ministry, Oil and Gas Regulatory Authority (Ogra) recommended up to seven per cent increase in the prices of petroleum products for April because of an upsurge in oil prices in the international market.
In the last couple of weeks crude prices went up to $51.32 per barrel in the international market after Saudi Arabia and its allies launched air strikes against rebels in Yemen. The oil prices will further go up if war prolongs, an official familiar with the situation told Dawn.
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It recommended a hike of Rs4.44 (6.31pc) in the price of petrol from Rs70.29 to Rs74.73; an increase of Rs6.25 (7.75pc) in high speed diesel (HSD) to Rs86.86 from Rs80.61. It also seeks to raise the price of High Octane Blending Component (HOBC) by Rs7.66 per litre (9.53pc) to Rs87.97 from Rs80.31; kerosene by Rs1.56 (2.53pc) to Rs63 from Rs61.44 and light diesel oil (LDO) by Rs2.55 (4.40pc) to Rs60.5 from Rs57.94.
