The Oil and Gas Regulatory Authority (OGRA) on Wednesday sent a summary to the petroleum division for another hike in prices of petroleum products from June 16.

According to the sources, the oil regulatory authority has prepared a summary, seeking an increase in petroleum prices from June 16 in light with negotiations made with International Monetary Fund (IMF).

The authority has also suggested ending subsidies on fuel prices, said sources.

Despite a Rs60 per litre increase in petroleum prices in past 15 days, the government is still providing subsidised petrol at Rs9.3/litre and diesel at Rs23.05/litre.

However, the prime minister will make the final decision about the prices of petroleum products, the sources added.

The federal government recently increased the prices of petroleum products by Rs60 per litre within a span of a week after the IMF refused to release a US$1 billion tranche, demanding reversal of subsidies on fuel and electricity.

On the other hand, the rupee continued its downward trend against the US dollar in the interbank market as the greenback gained Rs1.21 during early Wednesday trading.

According to experts, the local currency is losing streak against the greenback owing to a delay in the revival of the International Monetary Fund’s (IMF) $6 billion loan programme.