Oil prices are likely to increase by up to 12.8 per cent due to fluctuation in global oil prices for April.
In a summary moved to the Petroleum Division on Friday, the Oil and Gas Regulatory Authority (OGRA) proposed that the price of high speed diesel be raised by Rs11.17 per litre or 10 per cent and petrol prices be hiked by Rs11.98 per litre or 12.8 percent for the next month.
The regulator has also requested an increase in prices of kerosene oil of Rs6. 65 per litre or 7.7 percent, while a rise of Rs6.49 per litre or 8.4 percent has been recommended for light diesel oil (LDO).
If the government accepts this recommendation, then diesel prices would inflate from the existing Rs111.43 to Rs122.60 per litre, petrol from the current Rs92. 89 to 104.80 per litre, LDO from Rs77. 54 to Rs84.03 per litre and kerosene oil would go up from Rs86.31 to Rs92.96 per litre.
The sources said that the Finance Division will announce future POL prices after getting consent from Prime Minister Imran Khan.