Notification for hike in petroleum products released
ISLAMABAD (92 News) – The Federal Board of Revenue (FBR) on Sunday 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.
ECC approves to fix petrol price at Rs108 per liter
A day earlier, the Economic Coordination Committee (ECC) has approved to fix the petrol price at Rs108 per liter. The meeting was presided over by Finance Adviser Hafeez Shaikh. The Oil and Gas Regulatory Authority (OGRA) had recommended an increase of Rs14per liter.
Prime Minister Imran Khan had sent the matter of increase in the prices of the POL products. Moreover, the ECC has increased the diesel price by Rs4.89 per liter.
Sources said that the government would give Rs5 billion as subsidy.
Federal cabinet postpones hike in price of petroleum products
Addressing a press conference along with Minister for Water Resources Faisal Vawda, Special Assistant to Prime Minister on Information and Broadcasting Firdous Ashiq Awan said the cabinet also discussed OGRA’s recommendation to increase the prices of petroleum products by 14 rupees per litre.
“Prime minister directed to send this recommendation to ECC to review it in order to pass minimum burden to the people,” she informed.
OGRA recommends Rs14 per litre increase in petrol prices
Earlier, Oil and Gas Regulatory Authority (OGRA) recommended Rs14.37 per litre hike in the price of petrol from May 01, sources disclosed Monday.
According to the reports, the OGRA has moved summary of increasing petroleum product prices to the petroleum division.
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.
On the recommendations, the final decision would be made by the Finance Ministry with the consultation of Prime Minister Imran Khan.