Massive hike in POL products’ prices
- The new price of petrol is Rs123.30 per litre, while cost of supply of Pakistan State Oil (PSO) has increased to Rs95.41 litre
Islamabad: The federal government Wednesday announced a massive increase – up to Rs5.92 per litre - in the ex-depot prices of all petroleum products with effect from September 16.
On Wednesday, the Finance Division stated, “owing to the fluctuation in petroleum price in the international market and exchange rate variation, the price of petroleum products raised.”
In a fortnightly review of petroleum products for the second half of September, the price of petrol has been increased by Rs5.00 per litre.
The new price of petrol is Rs123.30 per litre, which was Rs118.30 per litre or a 4.2 percent increase.
Cost of supply of Pakistan State Oil (PSO) has increased to Rs95.41 litre from Rs94.38 per litre.
The PL rate has also been revised upward to Rs5.62 per litre from Rs2.11 per litre. Increase in price also effects the GST rate, which has been increased to Rs11.76 per litre from Rs11.28 per litre in the first half of September.
POL products: Ogra works out massive price increase
The ex-depot price of High Speed Diesel (HSD) has also been increased by Rs5.01 per litre. The new price is Rs120.04 per litre from Rs115.03 per litre or 4.3 percent. The price of kerosene oil (SKO) is also increased by Rs5.46 per litre from Rs86.80 per litre to Rs92.26 per litre or 6.2 percent.
The government has maintained the rate of PL maintained at Rs2.06 per litre; however, increased the prescribed price from Rs77.92 per litre to Rs83.05 per litre. The price increase has also increased GST from Rs5.45 per litre to Rs5.79 per litre.
The price of light diesel oil (LDO) is also raised to Rs90.69 per litre from Rs84.77 per litre.
Rs5.92 per litre or 6.9 percent increased in LDO rate.
On Tuesday, the Oil and Gas Regulatory Authority (Ogra) had worked out an increased in the prices of petroleum products.
According to the working paper, the regulator had calculated Re1 per litre increase in the ex-depot price of petrol and Rs10.5 per litre hike in the price of HSD.
The ex-depot price of LDO and SKO had been calculated to go up by Rs5.50 per litre each. These increases had been worked out because of slightly higher international oil prices and chiefly because of deteriorated exchange rate over the past 15 days.
Copyright Business Recorder, 2021
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