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The Oil and Gas Regulatory Authority has recommended up to Rs 9.44 per litre increase in the prices of petroleum products for the month of March. In a summary forwarded to the Petroleum and Finance Divisions, the OGRA has recommended an increase in the prices of all the petroleum products. It recommended the increase in oil prices due to increased oil prices in the international market.
According to the summary, it was recommended by the OGRA to increase the price of motor spirit (MS) by Rs 4.71 per litre and high speed diesel (HSD) by Rs 9.44 per litre. Similarly OGRA recommended an increase of Rs 8.06 per litre in kerosene oil and Rs 5.12 per litre in light diesel oil (LDO).
If the government accepts the OGRA's recommendations then high speed diesel prices would go up to Rs 116.12 per litre (8.8 percent) from the existing Rs 106.68 per litre and petrol to Rs 95.09 per litre (5.2 percent) from the current price of Rs 90.38 per litre. Besides, LDO price would increase to Rs 80.15 per litre (6.8 percent) from current price of Rs 75.03 per litre and kerosene oil price will increase to Rs 90.37 (9.8 percent) from Rs 82.31 per litre.
Earlier, the government increased GST and petroleum levy on petrol and HSD. Currently, the government is charging 17 percent GST on the POL products. High speed diesel is being used in agriculture and transportation, while kerosene oil is used in the remote areas where LPG is not available for cooking purposes. The LDO is used in industry. The government will make a decision on OGRA's recommendations today (Thursday).

Copyright Business Recorder, 2019

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