ISLAMABAD: The government on Wednesday increased the price of petrol by Rs3.56 per litre in line with fluctuation in global oil prices effective from March 1, 2018 (today).
The price of Motor Spirit (MS) 92 RON has been increased by Rs3.56 per litre from the existing 84.51 to 88.07 per litre.
With the suspension of local gas supply to CNG stations in Punjab, the demand of petrol has jumped up and; therefore, increase in its price will affect the general public directly.
The price of high speed diesel (HSD) which is widely used in the transport and agriculture sectors has also been increased from the existing Rs95.83 to Rs98.45 per litre, registering a hike of Rs2.62 per litre.
OGRA recommends jacking up petrol price by Rs3.56 per litre
The product is widely used in the country and; therefore, increase in its price would also cause increase in inflation in the country.
At present, the government is also charging higher tax on the product since a dip in its price in the international market.
The price of superior kerosene oil (SKO) has also been hiked from the existing Rs70.18 to Rs76.46 per litre, registering an increase of Rs6.28 per litre. The product is used for cooking where LPG is not available in the remote areas of the country.
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Light Diesel Oil (LDO) is used in industry and its price has been increased from Rs64.30 to Rs65.30 per litre, with an increase of Re1 per litre.
The finance ministry in its statement said that Ogra and the ministry of energy had proposed increase in the price of those products -- including Rs6.94 per litre raise in the price of diesel.
However, it was increased by Rs2.62 per litre only for the benefit of the general public.
So, the new price of diesel (HSD) would be Rs98.45 per litre, Motor Spirit (Rs88.07), SKO (Rs76.46) and LDO would be Rs65.30 per litre.