The Oil and Gas Regulatory Authority (OGRA) has proposed another increase in the prices of petroleum products from March 1, 2024.
As per the proposal, the price of petrol may surge by Rs.3 per liter, while high-speed diesel may become expensive by Rs.1 per liter. On the other hand, the authority has recommended reducing the prices of light-speed diesel by Rs.0.70 per liter.
The decision regarding the proposed price hike will be announced tonight. If approved, this would be the second time in February that fuel prices will be increased in Pakistan. Earlier this month, the caretaker government approved an increase in the price of petrol by Rs.2.73 per liter, following the recommendation of OGRA.
Also read: Govt Jacks Up Petrol By Rs.2.73, Diesel By Rs.8.37 For The Next Fortnight
The proposed hike in fuel prices despite global decline has raised concerns among the public and businesses alike. It is expected to have a significant impact on the transportation sector, which is already struggling due to high operational costs.
The increase in fuel prices may also lead to a rise in the prices of essential commodities which will eventually affect the purchasing power of the common man.
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