The Oil and Gas Regulatory Authority (OGRA) has proposed the federal government make a massive hike in fuel prices, up to Rs83.5 per litre on petrol and Rs119 on diesel. Sources said that the suggested hike was made on the basis of the 70 per cent of GST and Rs30 per litre levy. For petrol and diesel, the prevalent levy stands at Rs30 per litre and 17 per cent of GST.
The authority has suggested enforcing a Rs83.5 per litre hike on petrol on the basis of full levy and taxes, whereas it was recommended to jack up Rs119 per litre on diesel. It was learnt that the OGRA suggested increasing the petrol price up to Rs21.53 per litre in accordance with the prevalent tax rate, Rs51.3 on diesel, whereas a Rs77.56 hike was proposed on kerosine oil on the basis of full tax and levy.
For other petroleum products, a Rs77.31 hike was proposed for light diesel, Rs36.5 on kerosine oil and Rs38.89 on light diesel at the full tax rate and levy.