ISLAMABAD: The Oil and Gas Regulatory Authority (Ogra) has recommended an increase in petroleum product prices.
A summary sent to Pakistan’s Ministry of Petroleum by the regulatory body recommends Rs2.98 per litre hike in petrol price.
The Ogra recommends Rs10.25 per litre raise in the price of diesel.
Similarly, the regulatory body seeks a Rs12.74 increase in kerosene oil and Rs11.72/litre in light diesel price.
The hike in the products has been recommended in light of an increase in oil prices at international market.
The Ministry forwards the recommendations to Finance Ministry and after approval from the Prime Minister the new prices are notified.
What is Ogra?
Oil and Gas Regulatory Authority (OGRA) is the regulatory body of oil and gas sector.
It was established on March 28, 2002, in pursuance of the Oil and Gas Regulatory Authority Ordinance, 2002.
The objective of OGRA is to “foster competition, increase private investment and ownership in the midstream and downstream petroleum industry, protect the public interest while respecting individual rights and provide effective and efficient regulations”.
The Authority comprises of Chairman/Chairperson and three Members viz; Member (Gas), Member (Finance) and Member (Oil) who are professionals with rich experience in their respective fields.