ISLAMABAD – A fuel time bomb has started ticking on the masses as the price of petroleum products may see a rise of up to Rs7.73 per litre.Ogra (Oil and Regulatory Authority) in summery sent to the finance ministry, has asked for lifting PL (petroleum levy) for the month of August to maintain the prices on their existing level.If the summary gets rejected, the authority will have to increase the POL prices. The price of CNG would also witness a raise up to Rs6/kg.Reliable sources in the Ogra told TheNation on Monday that over the past 14 days the price of crude oil has witnessed an upward trend by $4.5 per barrel in the international oil market. So the regulator has suggested the government to maintain the POL products prices by withdrawing or decreasing the PL for August.They said that if the government did not do this, the per litre price of petrol would witness a raise of Rs7.67, High Octane Blended Component (HOBC) Rs7.73, High Speed Diesel (HSD) oil Rs4.58, Kerosene Oil Rs4.49, and Light Diesel Oil (LDO) Rs4.64. The new prices then would be: Petrol Rs93.57/litre, HOBC Rs120.25, HSD Rs101.79, Kerosene Oil Rs92.68 and LDO Rs89.97.Sources said the price of Compressed Natural Gas (CNG) would also be pumped up to Rs6/kg during the first half of August. The final decision about the POL prices is likely to be taken in a meeting to be chaired by Prime Minister Raja Perviaz Ashraf today, with due consultation with the petroleum and finance ministers.Meanwhile, due to price increase by $147/metric ton in international LPG market, local marketing companies have decided to jack up the prices of the commodity by Rs16/kg. Resultantly, there will be a raise of Rs191 in the price of domestic cylinder and Rs765 raise in the price of commercial cylinder, from August 3.LPG Distributors Association Pakistan Chairman Irfan Khokar said in a statement that local LPG marketing companies has notified this raise on Monday. However, he requested the government to maintain the existing price during Ramazan for providing relief to the hard-pressed LPG consumers.