ISLAMABAD, Nov 29: The Oil and Gas Regulatory Authority (Ogra) officially hinted at increasing petroleum product prices by up to 3.64 per cent with effect from Dec 1.

In a backgrounder to the media, Ogra said the prices of petroleum products in the international market during November showed a rising trend as compared to October. The value of rupee, however, has appreciated by a nominal 0.54 per cent. The exchange rate improved from Rs86.1266 per US dollar on Nov 1, 2010, to Rs85.67 on Nov 29.

This is the first time that the regulator has come up with a price comparison a day ahead of a formal notification on price revision.

It said the average price of kerosene stood at $95.61 a barrel during the current month as compared to $92.38 per barrel last month, showing an increase of 3.5 per cent or $3.23 per barrel. On the basis of price difference in international prices, the kerosene prices are estimated to go up on Tuesday by about Rs2.20 to Rs2.48 per litre from existing rate of Rs70.95 per litre.

Similarly, a rising trend was observed in prices of high-speed diesel and petrol.

Last month, the average international price of HSD was $90.88 per barrel which has now increased to $94.19 a barrel, showing an increase of 3.64 per cent or $3.31 per barrel. That would mean about Rs2.5 to Rs2.8 per litre increase in the existing domestic sale price of Rs77.33 per litre.

In the case of petrol, the average international price last month was $87.33 per barrel that has increased to $90.38 per barrel, showing an increase of 3.49 per cent or $3.05 per barrel. This would translate into a per litre increase of about Rs2.30 to Rs2.55 from existing sale price of Rs72.96 per litre in the domestic market.