Petroleum products are likely to become costlier by up to Rs7 per litre from March 1, as the oil industry has forwarded a working paper on the proposed increase to the Oil and Gas Regulatory Authority (Ogra).
An increase of up to Rs7 per litre in petroleum prices is under consideration for the next fortnight.
Sources said a rise of Rs4.58 per litre has been proposed for petrol, while an increase of Rs4.73 per litre has been recommended for high-speed diesel. Kerosene oil may go up by Rs7 per litre and light diesel by Rs5 per litre.
According to sources, Ogra will send the working paper to the government on Friday, after which a final decision will be taken. The government will decide the prices in view of its revenue targets.
Sources added that any increase in taxes and levy may push petroleum prices further up. However, a reduction in taxes and levy could limit the increase or keep the prices unchanged.
