ISLAMABAD: Oil and Gas Regulatory Authority (Ogra) has calculated a Rs 4 per litre hike in petrol price, Rs 5 per litre in diesel, Rs 6 per litre in kerosene, Rs 10 per litre in Light Diesel Oil (LDO) and Rs 4 per litre in HOBC. The actual increase that would be passed on to the consumers would be the average rise by the end of the month.
As on April 18, the increase in petrol price is 5 percent, diesel 5 percent, kerosene oil 7 percent, LDO 12 percent and HOBC 4 percent. Price of crude was 6 percent higher on 18 April relative to the prevailing price on March 31. In Gulf market, crude oil price peaked at $121 dollars per barrel on April 11 but has since declined to 118 dollars per barrel. On March 31 the rupee dollar parity was Rs 85.4 per dollar while on April 18 the parity was Rs 84.4.
The government has to date generated Rs 52 billion as petroleum levy (PL) as tax on oil and its products whereas budgetary estimates of PL collections are Rs 110 billion. The difference between the two ie budgetary collections of PL and actual collections is being publicised as a subsidy. Informed sources revealed to this scribe that the government has provided Rs 30 billion subsidy and is likely to extend another Rs 8 billion due to a expected rise in prices of oil and its products in the international market.
The government collected Rs 107 billion revenue on account of PL and general sales tax (GST) on petroleum products during first half (July-December) of financial year 2010-11. The annual budgetary target for collection is Rs 250 billion that includes PL and general sales tax in the domestic market and at import stage.
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