The authority forwarded a summary to the Petroleum Division in which it suggested increasing the price of petrol by Rs8.50 per litre from for the next 15 days.
It also recommended an increase of Rs5.5 per litre in the price of high-speed diesel.
The final decision in this regard will be taken by the Ministry of Finance after consultation with Prime Minister Imran Khan.
Earlier on January 31, Prime Minister Imran Khan rejected a summary to increase the petrol price by Rs11 per litre.
The prime minister said that government would bear the burden of the price hike to protect the people from the additional economic burden.