Petrol prices set to increase 10-13%: Sources

Finance ministry has endorsed recommendations made by Ogra, decision to be taken tomorrow.

Oil and Gas Regulatory Authority (Ogra) has advised 10 to 13 per cent increase in prices of petroleum products. According to sources, the finance ministry has endorsed recommendations made by Ogra, and the decision will be announced tomorrow.

Sources say that government is providing a subsidy of 15 billion rupees on petroleum products and it will have to give an additional subsidy of 10 billion rupees, if current prices are not increased.

Ogra authorities say an increase in prices is necessary based on levy collected two months ago, while a six to seven per cent increase should be made in accordance to the levy collected in the current situation.

A decision regarding petroleum prices is expected tomorrow, after Prime Minister Yousaf Raza Gilani's approval.