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Hefty raise in petrol, diesel prices.

Byline: Fawad Yousafzai

ISLAMABAD -- The government on Wednesday increased prices of high speed diesel and petrol (motor spirit) by Rs 5.65 and Rs 5.15 per litre, respectively.

Following Ogra's recommendation, the government also jacked up price of kerosene oil by Rs 5.38 per litre and light diesel oil (LDO) by Rs8.90 per litre.

Although the finance division has approved the entire recommendations of the Ogra regarding price increase, it refrained from sharing the notified prices with media. Ogra, however, updated its website and included the new kerosene oil prices there. The Ogra only regulates kerosene oil and rest of the petroleum products are deregulated.

The Oil and Gas Regulatory Authority (Ogra) on Tuesday had recommended up to Rs8.90 per litre (10.043 percent) increase in prices of various petroleum products for the month of August 2019.

In a summary moved to the Petroleum Division, Ogra had proposed an increase of Rs5.15 per litre in petrol price and Rs 5.65 per litre in the price of high speed diesel.

Similarly in its summary, Ogra had also recommended the government for increasing kerosene oil price by Rs 5.38 per litre and light diesel oil (LDO) by Rs8.90 per litre.

After the increase, new prices of petrol would go up by 4.57 per cent from current Rs112.68 to Rs117.83 per litre and diesel price would increase by 4.45 per cent from the existing Rs126.82 to Rs132.47 per litre.

The kerosene prices would go up by 5.46 per cent to Rs103.84 per litre from current price of Rs98.46 per litre. LDO price would also go up by 10.043 per cent from current Rs88.62 to Rs97.52 per litre. The government is also charging petroleum levy of Rs18 on HSD, Rs15 on petroleum, Rs6 on kerosene oil and Rs3 on LDO.

For the month of July, Ogra had proposed last an increase of Rs2.30 per litre in the price of high speed diesel(HSD) and a decrease of Rs0.77 per litre or 0.70 per cent in the price of petrol. Similarly, Ogra had proposed a decrease of Rs2.94 per litre or 3 per cent in super kerosene oil (SKO) and increase of Rs0.26 per litre or 0.30 per cent in the price of light diesel oil (LDO). However rejecting Ogra's summary for revision of oil prices, the government had kept the prices of petroleum products unchanged for the month of July 2019.

The Brent oil price in international market on July 30 was recorded at $64.03 per barrel which was earlier in April and June was hovering near $72 per barrel.

The new prices will be applicable from today (Thursday).

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Publication:The Nation (Karachi, Pakistan)
Date:Aug 1, 2019
Words:514
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