Federal government on Thursday increased the prices of petroleum products for the month of December following recommendations of Oil and Gas Regulatory Authority (OGRA). The federal government announced an increase of Rs 1.48 per litre in price of petrol (MS 92 RON) and Rs 1.36 per litre in the price of High Speed Diesel (HSD). Similarly, the government increased the prices of superior kerosene oil (SKO) by Rs 4.39 and Rs 3.12 in the price of light diesel oil (LDO).
Earlier, in view of the fluctuation in global oil prices, the regulator had recommended an increase in the prices of petroleum products of up to 28.9 percent. Petroleum division had received a summary from the OGRA on Wednesday that recommended an upward revision in oil prices. The OGRA recommended an increase of Rs 1.48 per litre in the price of petrol [MS 92 RON], Rs 15.35 litre in the price of SKO and Rs 13.15 in the price of LDO.
After the government approved the OGRA determination about the increase in prices of various petroleum products, petrol price will go up to Rs 77.47 per litre from the current Rs 75.99. The prices of SKO after an increase of Rs 4.39 will go up to Rs 57.58 per litre from the existing Rs 53.19 per litre and the price of LDO will go up with an increase of Rs 3.12 per litre to Rs 52.12 from existing Rs 49.00 per litre.
After deregulation of HSD, the revised Pakistan State Oil (PSO)'s weighted average ex-refinery price of HSD along with its IFEM is worked out effective December 1. The PSO increased ex-refinery price of HSD by Rs 1.20 and decrease by Rs 0.16 price of IFEM. After the increase, the price of HSD will go up to Rs 51.46 from existing Rs 50.07.
In the past couple of years - following a plunge in global crude prices - the government has burdened petroleum consumers with general sale tax and petroleum levy. On the recommended prices of OGRA, the Federal Board of Revenue (FBR) will charge 17 percent GST on petrol including LDO and SKO. Apart from 17 percent GST, the government is also charging petroleum levy up to 10.00 on prices of petrol. According to OGRA recommendations, the petroleum levy will charge at the rate of Rs 10 on petrol, Rs 6.00 on SKO and Rs 3.00 on LDO.
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