Major increase in POL prices likely from March 1

ISLAMABAD: A major hike in prices of petroleum products is likely from March 1, as Oil and Gas Regulatory Authority (OGRA) has already forwarded a proposal to the Ministry of Petroleum seeking a per litre increase of Rs3.52 in the price of petrol.

According to OGRA sources, the authority has proposed to jack up the rate of Kerosene by Rs3.75 and light diesel by Rs3.93 per litre in its summary forwarded to the Ministry of Petroleum which will send it to the Ministry of Finance.

Meanwhile, the sources said that unless the Ministry of Finance cuts the petroleum levy by March 1, the prices of Petrol will hit Rs106.59 per litre; diesel Rs113.54; Kerosene oil Rs103.65 and; light diesel Rs98.26 per litre.