Prices of petroleum products expected to rise by Rs9

ISLAMABAD (92 News) - The prices of petroleum products are expected to rise by Rs9 per liter. According to the Ministry of Finance on Monday, the government is likely to increase the prices of petroleum products by Rs9 per litre for next 15 days. It also said that the revised formula was based on increased levy on petrol and diesel. The Oil and Gas Regulatory Authority (Ogra) has recommended the summary regarding price hike to the government. After the approval of Prime Minister Imran Khan, the new prices will be applicable from September 1, the prices will be fixed for 15 days. Following to exchange rate fluctuation and new pricing mechanism, Ogra has estimated an increase of about Rs9 per litre in the prices of petrol and HSD for the September 1 to 15 time period. In the previous month,  the PTI-led government dropped ‘inflation bomb’ on masses, increasing prices of petroleum products by up to Rs9 from August 1. The government increased prices of petroleum products by as much as Rs9 per litre from August 1, just a day ahead of Eidul Azha. The price of petrol increased by Rs5 while high speed diesel (HSD) may go up by Rs9. The summary will be forwarded to the Ministry of Finance today.