The Oil and Gas Regulatory Authority (OGRA) sent a summary to the petroleum division on Wednesday for another increase in petroleum product prices beginning June 16.
According to sources, the oil regulatory authority has prepared a summary urging an increase in petroleum prices beginning June 16 in light of negotiations with the International Monetary Fund (IMF).
According to sources, the authority has also proposed ending fuel price subsidies.
Despite a Rs60 per litre increase in petroleum prices in the last 15 days, the government continues to provide subsidised gasoline at Rs9.3/litre and diesel at Rs23.05/litre.
However, the prime minister will make the final decision on petroleum product prices, according to the sources.
The federal government recently raised the price of petroleum products by Rs60 per litre in less than a week after the IMF refused to release a US$1 billion total in exchange for the removal of fuel and electricity subsidies.
The rupee, on the other hand, continued to fall against the US dollar in the interbank market, with the greenback gaining Rs1.21 during early Wednesday trading.
According to experts, the local currency is losing territory against the US dollar due to a delay in the resumption of the International Monetary Fund’s (IMF) $6 billion loan programme.