Govt notifies significant hike in petroleum prices

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ISLAMABAD: The federal government has allowed another massive rise in the prices of petroleum products, thereby raising the price of petrol by Rs9.42 and kerosene by Rs7.46 per litre. The new prices of petrol and kerosene are Rs108.31 and Rs96.77, respectively.
According to a late-night notification, the government has increased the sales tax on motor spirit, excluding HOBC, by 12 percent.
The price of high speed diesel has increased by 4 percent which equals Rs4.89 to reach Rs122.32 per litre. Likewise, the price of light diesel has raised by 9 percent which equals Rs6.40 to reach Rs86.94 per litre.
The price of kerosene oil has been increased by Rs7.46 per litre after a sudden raise by 8 percent.
Previously, the rate of sales tax on motor spirit was 2 percent, 13 percent on high speed diesel, 8 percent on kerosene and 9 percent on light diesel oil.
On Friday, the Economic Coordination Committee (ECC) of the cabinet had approved the recommendations of the Oil and Gas Regulatory Authority (Ogra) regarding increase in prices of petroleum products.
On April 30, the federal cabinet had deferred the proposed price hike in petroleum products by the Oil and Gas Regulatory Authority (OGRA) and referred the matter to the Economic Coordination Committee (ECC) for further consideration.
OGRA had proposed a hike of Rs14.37 per liter in the price of petrol from May 01.
In its summary, OGRA had also suggested Rs4.89 per liter increase in diesel prices, Rs7.46 per liter in kerosene oil and Rs6.40 per liter hike in light diesel prices.

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