Oil and Gas Regulatory Authority (OGRA) recently presented a working paper to the government, outlining proposals for adjustments in petroleum product prices. This development has sparked discussions across various sectors, as stakeholders assess the potential impacts of these suggested revisions.
Amidst concerns surrounding escalating global oil prices and looming revenue shortfalls, OGRA’s proposal hints at forthcoming adjustments in the prices of key petroleum products. Primarily, the suggested increase in petrol prices by Rs 3.44 per liter has garnered attention. If implemented, this adjustment would elevate the ex-refinery price from Rs 192.17 per liter to Rs 195.61 per liter.
Furthermore, the proposal includes a potential Rs 1 per liter increase for diesel, nudging the ex-refinery price from Rs 206.75 per liter to Rs 207.75 per liter. Kerosene prices might also experience a similar hike, with a projected increase of Rs 1 per liter, pushing the ex-refinery price from Rs 177.70 per liter to Rs 178.52 per liter.
Source: Samaa TV
However, amidst these increments, the working paper suggests a decrease in the price of light diesel oil (LDO), albeit the exact reduction remains unspecified.
It is crucial to recognize that these proposed adjustments are subject to deliberation and approval by the Ministry of Finance. The ministry’s decision-making process will be multifaceted, taking into account various factors such as global market dynamics, domestic revenue requirements, and the potential ramifications on consumers.
In conclusion, while the prospect of petroleum price adjustments looms large, it is incumbent upon all stakeholders to engage constructively in the decision-making process, mindful of the broader imperatives of economic stability, social equity, and sustainable development.