Unprecedented: After diesel, petrol smashes Rs100 barrier
For the first time in the country’s history, petrol prices have crossed the Rs100 per litre barrier.
And for the first time in the country’s history, all three fuels – petrol, diesel and kerosene oil – will cost over Rs100 per litre effective Sunday (today). Price of CNG has also been raised by up to Rs11.55 per kg.
With a Rs8.02 hike, per litre petrol price has jumped from Rs97.66 to Rs105.68, according to a notification issued by the Oil and Gas Regulatory Authority (Ogra) on Saturday night.
Per litre price of high speed diesel was raised by Rs4.70 – from Rs103.46 to Rs108.16 – while the price of kerosene oil was raised by Rs5.29 – from Rs96.40 to Rs101.69 per litre.
The price of High Octane Blending Component has been raised from the current Rs126.87 to Rs135.81 – an increase of Rs8.94.
Additional revenue
Ogra had proposed that fuel prices remain unchanged but the government turned down the recommendation. “The government would have to lose Rs3.25 billion in revenue if oil prices were not changed,” a senior government official said.
The government will pocket Rs25 billion on petroleum products from consumers in April, the official said, adding that due to the latest price hike, an additional Rs1.5 billion will be collected in revenue on account of sales tax.
The government had earlier decided, on a recommendation of a special parliamentary committee on oil pricing, to keep prices of HSD unchanged till June 2012.
That decision, however, was abandoned in favour of avoiding a subsidy and generating further revenue.
CNG prices reach new highs
In a simultaneous move, the government increased the prices of CNG by as much as Rs11.58 in the country. CNG prices were increased by Rs9.93 to Rs80.98 per kg in Sindh and Punjab.
Meanwhile, per kg prices were raised by Rs11.58 in Khyber-Pakhtunkhwa, Balochistan and Potohar region to Rs88.70.
The government has imposed 20% gas infrastructure development cess on CNG in a bid to collect revenue for gas pipeline projects. The price of CNG has also been brought to 55% of petrol.
Ogra authorities said CNG price hike was a decision of the federal government and it had not sent any advice to the government.
Published in The Express Tribune, April 1st, 2012.
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I think petrol is still cheaper in pakistan, however diesel in India is way cheaper @ Rs 40
That's true ,it's cheaper in Pakistan. However ,some progressive taxation mechanism is required. There are so many rich people who are tax evaders. Only salaried individuals are paying tax,agriculture income is tax-exempt whereas the landlords are making huge wealth.If utilities(electricity,gas) theft and loss is minimized,still we can manage.Hydroelectric generation is far cheaper,but we didn't built dams for that. Whole kind of reforms in taxation is required,we have good laws but implementation is zero. Let the democracy evolve for some time ,may be it will bear some fruit.
do the maths irfan!!! 1 Liter petrol in India = 1.78*65.67=116.89 so the petrol is still cheaper in Pakistan compared to India. It is better to have an expensive fuel than to no fuel at all. Th example of electricity is there. If the tariff was increased a few years back and the increase in tariff was used for Hydro and run of the river projects the crisis would have been less severe now!!!!! Most of the people in our country dont pay taxes. Indirect taxes is the only way the rich are milking the poor souls of the people. If the tax on the financial sector is just increased by a mere 5% there will be additional tax revenue to the tune of Rs.50 billion.
Food for Thought! 1 Indian Rupee = 1.78 Pak rupees
1 Litre Petrol in india = 65.67 indian rupees 1 Litre petrol in Pak = 105 Pak rupees
Is it still cheaper in Pakistan? .....It's all bad governance in Pakistan. It 's time to come out on the roads......! Ever when we'll protest...! India is a more stable economy than Pakistan ,so it's cheaper in India , general commodities are stable and within reach of common man!
Can some reporter give the true price picture, like cost, IFEM,Sales Tax etc that is making up the whole price and borne by the consumer?
These Government officials will never reduce on their own luxuries,rather transfer the burden to general masses!
Pakistan Khappay oar khapay!
long live zardary and ppp
Democracy is the best revenge....................
PPP die-hard loyal voters are requested to keep this unjust raise in their minds while voting in next general elections
Pakistan is still ranks 88th out of 144 countries in terms of fuel price - cheaper than India, Turkey, Nepal etc.
So guys things are not that bad, we are not on the top of the pile of this one as the rest of the characteristics i.e. corruption, lawlessness, terrorism.
With no other sources of collecting revenues, income tax on salaried class should be abolished, FBR department downsized, as we already have massive tax evaders. Increase minumum wage by doubling or trippling it, and increase tax on fuel prices more, just collect revenues from petroleum product. So simple????
They are fooling people by talking abt NATO supplies and increasing petrol prices under this guise.
It would seem PAK is finding it more difficult to live in its alternative universe. PAK will next demand that the US exempt them from market forces and the laws of supply and demand.
Long Live Zardari
Pakistan Khappy
God knows where this government is leading us to........:(
That's it, I'm buying myself a couple of nice little donkeys and a cart. Hope there won't be any ridiculous tax on their 'chaara' as well.
Yo Democracy! I wonder how stubborn are supporters of Democracy are. So much has happened and they still glue with a single argument. "Give democracy some time", Are they out of their mind! Verily, Pakistan has tried every kind of Democracy that is avaialble in political menu and its high time for the people to look for the system of life that is given to them by Almighty. Yes, Caliphate is the only way forward, otherwise ., Enjoy Democracy!
The price of petrol has risen to Rs 100 in nominal terms; the article would've been more useful if it had also reported prices in real terms.
Food prices, transportation costs, medical costs are going to increase. In the meantime, Pakistan will be occupied with a bomb here, a few killings there, and rising militancy everywhere. Not to mention coming fatwas on a weekly basis!