The new prices will be effective from July 1. PHOTO: FILE
To provide relief to consumers, the Oil and Gas Regulatory Authority (Ogra) asked the petroleum and finance ministries on Friday to adjust the rate of Petroleum Levy (PL) on petroleum products instead of increasing oil prices.
As per the provisions of federal budget 2013-14, GST increased to per cent from 16 per cent, a move which has affected oil prices as well.
Sources said that the impact of the increase in general sales tax is also included in the proposed oil price increase which is to take effect from July 1.
After the new prices are approved by the Prime Minister, the federal government will issue a notification on June 30.
Due to an increase in the rate of GST, the price of petrol will go up by Rs0.86 per litre, High Speed Diesel (HSD) by 90 paisa, Light Diesel Oil (LDO) by Rs0.65, Kerosene oil by Rs0.80 and High Octane Blending Component (HOBC) by Rs1.07 per litre.
The consumers of HSD, which is mostly used in the transport and agriculture sector will see an increase of Rs3.66 per litre which will bring its price up to Rs108.26.
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well said rashid, the arrogance and lack of knowledge of people is sometimes baffling. Infact, the reserves in Alaska are even greater than the output of all the middle eastern countries put together. Those people think of their country, for them their country comes first and not what happens outside their borders.
the largest oil reverses in know history is not in KSA, or in IRAN or in IRAQ , even the all opec counties now combine the reserves of them self they can not equal the Nevada USA reserve capacity, so we loss or muslim loss that capacity also. which we uses to have 20-30 years back ,
Nawaz Sharif meant to say when he said that he will bring petrol prices down to 1990 level that he will bring petrol prices to Rs 1990 per litre.
Nawaz shareef promised he will bering petrol price to 1990 level