- Sources say that the oil and gas regulator recommended a decrease of Rs3.50 per litre in the price of petrol
ISLAMABAD: The Oil and Gas Regulatory Authority (Ogra) Monday worked out a substantial decrease in the prices of petroleum products with effect from September 1, owing to a declining trend in oil prices globally.
Sources said that the oil and gas regulator recommended a decrease of Rs3.50 per litre in the price of petrol.
The price of High Speed Diesel (HSD) has also been recommended to reduce by Rs5 per litre. The prices of kerosene oil (SKO) and Light Diesel Oil (LDO) are also worked out by Rs3 per litre and Rs2 per litre respectively.
The government is charging Rs2.05 per litre PL on HSD; however, abolished PL on petrol, LDO, and SKO.
The general sale tax (GST) is also revised from standard 17 percent to 10.77 per litre on petrol, 6.70 percent on SKO, and 0.20 percent on LDO.
However, keeps the 17 percent GST on HSD.
In case, the federal government decided to pass on full impact of price to domestic consumers, the price of petrol would reduce from current Rs119.80 to Rs116.30 per litre.
The price of HSD would come down from Rs116.53 per litre to Rs111.53 per litre.
The prices of SKO and LDO would also reduce to Rs84.49 per litre and Rs83.77 per litre. The prices of crude oil internationally reduced from $75 per barrel to $70 per barrel in August.
Copyright Business Recorder, 2021