Oil prices

Will increase inflationary pressure, widen current account deficit, eat up forex reserves

Believe rising petroleum prices will unleash a new wave of inflation

Also recommends up to 24% increase in diesel rates to be implemented from Jan 1

Earlier, the government failed to notify new prices for August as there was no cabinet in place

With no authority to give approval, finance ministry announces to continue with existing prices

Opec and other non-Opec producers due to meet in the Russian city of Saint Petersburg on Monday

Govt forms 10-member committee to sort out the issue

New rates are effective from April 1, 2017

OGRA proposes increase of Rs2.28 per litre for petrol, Rs2.04 for HSD

K-Electric and agricultural consumers will not enjoy the relief