The Oil and Gas Regulatory Authority (OGRA) will forward its summary proposing new rates on May 30 while the new prices will take effect from June 1 after approval by the prime minister, sources told The Express Tribune on Tuesday.
The price of petrol is expected to be increased by Rs9.5 per litre, while high-speed diesel (HSD) may go up by Rs11.5. Similarly, the price for light diesel oil (LDO) is likely to increase by Rs7.85 while kerosene may see a rise of Rs12 per litre.
The reason for an increase is said to be the devaluation of rupee and an increase in the value of US$.
Earlier this month, the Economic Coordination Committee (ECC) on Friday approved an increase of Rs9 per litre on petrol price.
Advisor to the Prime Minister Imran Khan on Finance, Revenue and Economic Affairs headed the ECC meeting in which the approval was granted. The ECC approved to set per litre price to Rs108, up by Rs 9. An increase of Rs4.89 per litre for Diesel was also approved.
On April 29, Oil and Gas Regulatory Authority (OGRA) proposed Rs14.37 per litre hike in petrol prices.