The government is likely to increase the prices of petroleum products by as much as Rs12 per litre from June 1st.

The Oil and Gas Regulatory Authority (OGRA) will forward its summary proposing new rates on May 30 while the new prices will take effect from June 1 after approval by the prime minister, sources told a private media outlet on Tuesday.

The price of petrol may be increased by Rs9.50 while high-speed diesel (HSD) may go up by Rs11.5. Similarly, the price for light diesel oil (LDO) is likely to increase by Rs7.85 while kerosene may see a rise of Rs12 per litre.

The impact of rupee depreciation against the dollar is said to be incorporated in HSD and petrol prices, while the remaining increases would be made due to the rise in crude oil rates.

Earlier this month, the Pakistan Tehreek-e-Insaf (PTI) government dropped its first ‘petrol bomb’ on masses, increasing prices of petroleum products by up to nearly 10pc.

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