The Oil and Gas Regulatory Authority (Ogra) has recommended the government an increase in the prices of petroleum.
A summary to the effect has been sent to the federal government.
Sources told GlobalTimesPakistan that the authority had sent two proposals to the government regarding the petroleum products prices. As per the first proposal, it has been proposed to impose GST on petroleum products prices following the IMF conditions.
The Ogra has proposed levy of 2 to 5 per cent per litre on petrol and diesel. A proposal to levy Rs5-10 per litre on diesel has also been sent to the federal government.
Imposing 2% GST, the petrol price could be increased up to Rs5.44, and if 5pc GST is imposed, the price of petrol could go up by Rs13.6. A proposal for an increase of Rs15 per litre has been sent to the federal government.
Sources said the Ogra had also advised to maintain the prices of petroleum products for next fortnight as crude oil prices had witnessed a decline in the global markets. In the second summary, it suggested that the prices could also be maintained by levying taxes commensurate with global markets.
The final decision regarding the prices of petroleum products would be taken by the finance minister after consultation with the prime minister.
