There is a probability of upsurge in the prices of petroleum products in the country, for the international price of crude oil has risen to $107 per barrel on Friday.
The Oil and Gas Regulatory Authority (Ogra) will send a summary, proposing an increase in the prices of petroleum products, to the Finance Ministry tomorrow.
The price of petrol is expected to increase by Rs15 per litre and diesel by Rs18 per litre.
It is knowledgeable that the Ogra has arranged two proposals involving to the petroleum products prices.
First, the prices sustained by dropping the levy tax on petroleum products.
Second, the prices can be amplified by increasing the levy tax by Rs10 per litre.
The effects of dealers’ margin also avoided by reducing levy tax.
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Even rendering to the international prices, there is no need to rise the prices of petroleum products at local level.
Upsurge in the prices of petrol and diesel is thinkable only by increasing taxes rate.
The Ministry of Finance will consider the suggestions connected to the prices of petroleum products.
After discussion with the prime minister, the new prices predictable to announced on July 31 next.