LAHORE: The Oil and Gas Regulatory Authority (OGRA) on Wednesday recommended a hike of Rs 1.48 per litre in the price of petrol following the rate fluctuation in the global market, it was learnt on Wednesday.
In view of the recent surge in rates in the international market for crude oil, OGRA has sent a summary to the ministry of energy, proposing an increase in the prices of petroleum products of up to 28.9 per cent.
The summary recommends an increase of Rs 1.48 per litre in petrol price, Rs 15.35 litre in superior kerosene oil (SKO) and Rs 13.15 in the price of light diesel oil (LDO).
Over the past few years, oil prices in the international market have plunged however the Pakistani government burdened the petroleum consumers with general sales tax and petroleum levy. OGRA had previously proposed a 17 per cent GST on various petroleum products to maintain price stability and to earn higher revenues.
It is worth noting that upon OGRA’s proposal the government on revised prices of petroleum products, increasing the price of petrol by Rs 2.49 per litre, high-speed diesel (HSD) by Rs 5.19 per litre, light-speed diesel (LSD) by Rs 3 per litre and the price of kerosene oil by Rs 5.19 per litre for November.
The Federal Board of Revenue (FBR) may soon charge 17 per cent GST on petrol including LDO and SKO following OGRA’s recommendations. Apart from 17 per cent GST, the government is also charging petroleum levy up to Rs 10 on prices of oil products.
