ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA), on Friday, has recommended an increase in the ex-depot prices of petroleum products up to 1.4 percent for the first half of August (1-15) in a fortnightly review of petroleum prices.

The regulator worked out hike in rates of petrol by Rs1.70 per litre. The price of kerosene oil (SKO) is recommended to increase by 35 paisa, and reduction in price of light speed diesel (LDO) by 24 paisa.

Similarly, the price of high speed diesel is also recommended to reduce by Rs2.27 per litre.

The oil and gas regulator worked out hike in the ex-depot prices based on rates of general sale tax (GST) and petroleum levy (PL) notified for second half of July 2021. The government is charging Rs1.90 PL on HSD and abolished PL on other petroleum products.

The rate of GST is currently 10.77 per litre on petrol, 17 percent on HSD, 6.70 percent on SKO, and 0.20 percent on LDO.

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The summary has been moved to the Finance Division, which will announce new prices of petroleum products by making adjustment in taxes. In case the federal government accepts the recommendations of climb in the prices of petroleum products, the prices of petrol would go up from Rs118.09 per litre to Rs119.80 per litre, a 1.4 percent increase.

The price of SKO will go up from Rs87.14 to Rs87.49 per litre or 0.4 percent increase.

The prices of HSD will come down from Rs116.53 to Rs114.26 per litre or 1.9 percent and prices of LDO will also come down from Rs84.67 to Rs84.43 per litre or 0.3 percent.

The prices of crude oil internationally have shown increasing trend in the last 15 days.

Copyright Business Recorder, 2021