Price of petrol increases by Rs1.7 per litre for May
High speed diesel’s rate up by Rs2.31 per litre as govt decides to give partial relief to consumers for May
Ogra had earlier proposed increasing the price of petrol by Rs3.22, which would have taken its price from Rs86.00 to Rs89.22. It also proposed to increase the price of high speed diesel by Rs5.02 per litre. PHOTO: AFP/FILE
ISLAMABAD:
The government increased on Monday the price of petrol by Rs1.70 and of high speed diesel by Rs2.31 per litre for the month of May. The increase represents about half the amount suggested by the Oil and Gas Regulatory Authority (Ogra).
Accordingly, petrol will now be priced at Rs87.7, while HSD would be sold for Rs98.76 per litre.
The government also increased the price of superior kerosene oil by Rs3.41, making its new price Rs79.87 per litre. Light diesel oil’s (LDO) price saw a hike of Rs3.55, which takes its rate to Rs68.85.
Centre uses petrol levy to cut share of provinces
Ogra had earlier proposed increasing the price of petrol by Rs3.22, which would have taken its price from Rs86.00 to Rs89.22. It also proposed to increase the price of high speed diesel by Rs5.02 per litre.
However, the finance ministry said despite fiscal constraints, the prime minister has decided to pass on only a partial impact of the increase in international prices. The statement added that the government would bear the burden of the partial relief.
Sale of petroleum products is a major revenue earner for the government. At present, two types of taxes are being charged from consumers — petroleum levy and general sales tax.
The government is charging a higher rate of GST on HSD at 31%. GST of 17% is being charged on other petroleum products. In addition, the government also charges Rs8 per litre as petroleum levy on HSD, Rs10 on petrol, Rs6 on LDO and Rs3 on kerosene oil.
The government increased on Monday the price of petrol by Rs1.70 and of high speed diesel by Rs2.31 per litre for the month of May. The increase represents about half the amount suggested by the Oil and Gas Regulatory Authority (Ogra).
Accordingly, petrol will now be priced at Rs87.7, while HSD would be sold for Rs98.76 per litre.
The government also increased the price of superior kerosene oil by Rs3.41, making its new price Rs79.87 per litre. Light diesel oil’s (LDO) price saw a hike of Rs3.55, which takes its rate to Rs68.85.
Centre uses petrol levy to cut share of provinces
Ogra had earlier proposed increasing the price of petrol by Rs3.22, which would have taken its price from Rs86.00 to Rs89.22. It also proposed to increase the price of high speed diesel by Rs5.02 per litre.
However, the finance ministry said despite fiscal constraints, the prime minister has decided to pass on only a partial impact of the increase in international prices. The statement added that the government would bear the burden of the partial relief.
Sale of petroleum products is a major revenue earner for the government. At present, two types of taxes are being charged from consumers — petroleum levy and general sales tax.
The government is charging a higher rate of GST on HSD at 31%. GST of 17% is being charged on other petroleum products. In addition, the government also charges Rs8 per litre as petroleum levy on HSD, Rs10 on petrol, Rs6 on LDO and Rs3 on kerosene oil.