ISLAMABAD (92 News) – The federal government on Thursday increased petrol price by Rs2.50 per litre from March 1.
A notification has been released regarding the implementation of new rates of petroleum products. According to the notification, new rates of petrol will be Rs92.88 per litre after an increase up to Rs2.50.
High-Speed Diesel price will be Rs111.43 after the hike of Rs4.75 and Rs4 increased for Kerosine Oil taking the new rates to Rs86.31. Light Diesel stood at Rs77.53 with the addition of Rs2.50 against previous rates.
The notification will take into effect from March 1 (Thursday) at 12:00 midnight.
Earlier, the Oil and Gas Regulatory Authority (OGRA) has recommended the federal government to hike prices of petroleum products.
According to the details, the OGRA sent a summary to the federal government. In the summary, the OGRA proposed to hike the prices of diesel and petrol in line with fluctuation of oil prices in the international market.
The price of diesel has been proposed to be increased by Rs9.44 per litre and petrol by Rs4.71 per litre, a letter for March 2019 read.
The regulator has also requested the prices of kerosene oil to be raised by Rs8.06 per litre and light diesel oil (LDO) by Rs5.12 per litre for next month.
Ogra has forwarded a summary to the Ministry of Energy (Petroleum Division), which recommended revision in oil prices.
If the government accepts this recommendation, then diesel prices would inflate from existing Rs106.68 to Rs116.12 per litre, petrol from current Rs90.38 to 95.09 per litre, LDO from Rs75.03 to Rs80.15 per litre and kerosene from Rs82.31 to Rs90.37 per litre.
The government will take the final decision on Ogra’s recommendation on Thursday.
OGRA recommends reduction of petrol prices
recommended 50 paisa decrease for high-speed petrol. Fuel prices were decreased by the Ministry of Finance by approving the summary of the Oil and Gas Regulatory Authority. The OGRA has recommended a Rs4 decrease in the price of high-speed diesel, 50 paisa decrease for high-speed petrol and Rs2 for kerosene oil.
Govt reduces petrol prices by Rs 4.86 per litre on New Year’s Eve
On Dec 31,
the federal government reduced petroleum prices for January. The government gave the gift to the general public on New Year’s Eve. The prices of petrol and diesel have been reduced by 4.86 and 4.26 rupees per litre respectively.
The prices of kerosene have been decreased by 0.52 while the rate of Light Diesel Oil has been reduced by 2.16 rupees per liter.