OGRA recommends hike in petrol prices by Rs 8.53 ahead of Eid
ISLAMABAD (92 News) – The Oil and Gas Regulatory Authority (OGRA) on Monday has recommended to increase in the prices of petroleum products ahead of Eidul Fitr.
According to the details garnered, OGRA has asserted that the prices of petrol should be increased by Rs9 to reach Rs116.53 per liter.
The proposal includes the price of high speed diesel (HSD) by Rs8.99, taking the new price to Rs131.31 per liter. The new price of kerosene may be increased by Rs1.69, taking the proposed price to Rs98.46.
Similarly, price for light diesel oil (LDO) is likely to increase by Rs1.68, thereby taking the new price to Rs88.62 per liter.
The impact of rupee depreciation against the dollar is said to be incorporated in HSD and petrol prices, while the remaining increases would be made due to the rise in crude oil rates.
The federal government will take the final decision for increase in the prices after consultation with Prime Minister Imran Khan.
Notification for hike in petroleum products released
The Federal Board of Revenue (FBR) released the notification for an hike in prices of petroleum products.
The recent hike, which was taken into effect from May 5, was made following an increase into Goods and Services Tax (GST) from two per cent to 12 per cent on petrol, leading the new rates to Rs108 per litre.
New rates of diesel stood at Rs122.32 per litre after GST’s hike up to 17 per cent from 13 pc while light diesel’s rate was fixed at Rs86.94 per litre as GST increased to 17 pc from 9 pc. The new price of kerosene oil is Rs96.77 per litre with 17 pc GST which was jacked up from eight per cent.
In its summary, OGRA has suggested Rs4.89 per litre increase in diesel prices, Rs7.46 per litre in kerosene oil and Rs6.40 per litre hike in Light diesel prices.
According to the reports, the OGRA has moved summary of increasing petroleum product prices to the petroleum division.
