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ISLAMABAD: The government Sunday night announced slashing the petrol price by Rs3.05 per litre, and increased the price of High-Speed Diesel by Rs8.95 per litre.

According to a notification issued by Finance Ministry, the new prices will come into effect from August 1, 2022. The price of Kerosene (SKO) has been increased Rs 4.62 per litre and the price of Light Diesel has been increased Rs 0.12 litre.

Following the changes in the prices, petrol will now be available for Rs227.19 per litre. Previously, petrol was being sold in the country for Rs230.24 per litre. High Speed Diesel will now available for Rs 244.95 per litre. Previously, the price of High Speed Diesel was being sold for Rs 236 per litre.

On the other hand, kerosene oil, which was previously available for Rs196.45 per litre, will now be sold for Rs201.07 per litre following an increase of Rs4.62.

Light Diesel oil registered a slight decrease of Rs0.12, after which it will be sold for Rs191.32 per litre as against the previous rate of Rs191.44 per litre.

According to the notification, the changes were introduced following a reduction in the prices of petroleum products in the international market.

POL products’ prices: OMCs estimate up to Rs28.44/litre hike

“Owing to the fluctuation in petroleum prices in the international market and exchange rate variations, the government has decided to revise the existing prices of petroleum products to pass on the impact to the consumers,” the statement read.

WASIM IQBAL adds: Federal government has on Sunday decided not to pass on full impact of decrease in petro, prices as recommended by Oil and Gas Regulatory Authority (OGRA) but opted to increase the petroleum levy (PL) rates upto Rs 10 per litre and dealer margin in a fortnightly review of petroleum prices with effect from August 1,2022.

The rates of PL on petrol have revised upward from Rs 10 to Rs 20 per litre. The dealer margin has been raised from Rs 4.90 to Rs 7 per litre on petrol. The regulator had recommended a reduction of Rs 13.05 per litre. However, the government opted to only reduced Rs 3.05 per litre. The government announced Rs 227.19 per litre against recommended price of OGRA of Rs 217.19 per litre.

The rate of PL on high speed diesel has (HSD) also increased from Rs 5 to Rs 10 per litre. OGRA had recommended an increase of Rs 3.95 per litre in HSD price, however, finance division decided to increase the price at Rs 8.95 per litre by addition of revised PL. The government announced Rs 244.95 per litre price with effect from August 1-15 against recommended prices of 239.95 per litre.

The PL rate on kerosene oil (SKO) has also increased from Rs 5 to Rs 10 per litre. The new price of SKP has been fixed Rs 201.07 per litre against a recommended price of Rs 196.07 per litre. The regulator had recommended to reduce the price by 0.38 paisa but government has increased by Rs 4.62 per litre.

Similarly, the price of light diesel oil (LDO) has also increased by raising PL from Rs 5 to Rs 10 per litre. The price has been reduced by 12 paisa against OGRA’s recommended price reduction of Rs 5.12 per litre.

The oil and gas regulator had worked out prices of PL based on last notified PL rates as well as budgeted RS 750 billion PL and zero sale tax. In line with the government agreement with IMF, prices of POL is required to be passed on the consumers as worked out by OGRA with effect from August 1.

Copyright Business Recorder, 2022

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