OGRA rebuts reports of recommending increase in fuel prices

ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) on Thursday refuted reports of sending a summary to the petroleum division recommending a massive increase in fuel prices from January 16, ARY News reported.

“Reports circulating on media regarding hike in prices of petroleum products are based on speculation,” said a spokesperson of the OGRA.

Earlier in the day, it was reported that the Oil and Gas Regulatory Authority (OGRA) has recommended an increase in the prices of petroleum products.

According to sources, under OGRA’s recommendations, petrol could cost up to Rs 11.95 per liter and diesel up to Rs 9.57 per liter.

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The final decision on the prices of petroleum products will be taken by the Ministry of Finance in consultation with the Prime Minister.

In order to provide relief to the masses, Prime Minister Imran Khan last month rejected the summary of Oil and Gas Regulatory Authority (OGRA) which proposed to hike prices of the petroleum products by up to Rs10 per litre.

The federal government on December 31 increased the price of petrol by Rs2.31 per litre. The price of petrol had been raised by Rs2.31 to Rs106 per litre from the existing Rs103.69.