The Oil and Gas Regulation Authority has recommended a further increase in the petroleum prices from July 1, reported 24NewsHD TV channel Tuesday.

The TV channel quoting Petroleum Division sources reported that there is a recommendation of a Rs6 per litre increase in petrol prices.

The price of High Speed Diesel has been recommended to increase by Rs3 per litre.

This increase is as per the existing levy on the pol products. If the government increases the levy of Rs30 per litre then the pol prices may further increase.

Sources said Prime Minister Imran Khan will give approval of an increase in the POL prices tomorrow and the finance division will announce the decision in this regard later in the day.

Earlier on June 15, the government has increased the price of by Rs2.13 per litre. Similarly, the price of high speed diesel had been increased by Rs1.79, light diesel by Rs2.03 and Kerosene oil by Rs1.89.

After seeing a gradual decrease, this was the first increase in petroleum prices since January this year. The government has increased the petroleum levy target from Rs450 billion to Rs610 billion in the Budget 2021-22.

Soon after the budget speech on Friday, the finance minister disclosed that they have to increase the prices of petroleum. The petroleum levy target has been increased by Rs160 billion.

The petroleum prices will keep increasing on an interval basis for the whole year.