The general public, already grappling with soaring inflation, is bracing for yet another blow as the prices of petroleum products are poised to undergo a significant surge during the upcoming weekend.
A proposal has emerged, outlining plans to raise the prices of petrol and diesel, effective from September 16. A working document has been drafted to propose alterations in the pricing of petroleum products.
As per the contents of this working paper, it is suggested that the prices of petroleum products will witness an increase of Rs 20 starting on September 16, according to insider sources.
Specifically, the proposal outlines a Rs20 hike in petrol prices, Rs14 per liter in high-speed diesel, Rs10 in kerosene oil, and Rs9 in light diesel, according to these sources.
Furthermore, the working paper suggests a Rs13.5 increment in the ex-refinery price of petrol, which would result in the ex-refinery price of petrol rising from Rs228.59 to Rs242.10, as reported by these sources.
Similarly, sources indicate a proposed increase of Rs 13 per liter in the ex-refinery price of diesel. Should this tariff hike be approved, the price of petrol will rise from Rs305.36 to Rs321.35 per liter, and the price of high-speed diesel will increase from Rs311.84 to Rs325.50 per liter.
It is anticipated that the Oil and Gas Regulatory Authority will present the working paper to the government by tomorrow evening.
Subsequently, following the interim prime minister’s approval, the Ministry of Finance will issue an official notification. It’s worth noting that the government retains the prerogative to maintain prices at their existing levels.
