ISLAMABAD: The government on Tuesday passed on to the consumers the full impact of increase in the prices of petrol and high speed diesel in the global market.
It decided to raise the price of petrol by Rs2.49 per litre, high speed diesel (HSD) by Rs5.19, kerosene Rs5.19 and light diesel oil (LDO) Rs3 per litre with effect from November 1.
During the past several months, the government had been passing on a partial impact of increase in international prices of diesel and petrol and keeping unchanged the prices of kerosene and light diesel oil.
However, a partial increase in price of kerosene was made last month. Now, the government has given up its policy of making partial increase in oil prices to provide relief to consumers and passed on the full impact of the hike in the international rates of petrol and diesel.
The crude oil prices witnessed an increase from $52 per barrel to $60 during October. Following this trend of hike in oil prices, the Oil and Gas Regulatory Authority (Ogra) had recommended an increase of Rs5.19 per litre in the price of high speed diesel (HSD) and Rs2.49 per litre of petrol for November – 6.5% and 3.4% respectively.
According to a working paper forwarded to the Energy Ministry (Petroleum Division) and the Ministry of Finance, the regulator proposed an increase of Rs15.99 per litre (33.3%) in price of superior kerosene and Rs12.63 (27.5%) in light diesel oil.
Following the increase, petrol price went up to Rs75.99 per litre from Rs73.50, HSD to Rs84.59 from Rs79.40, kerosene to Rs53.19 from Rs48 and LDO to Rs49 from Rs46.
The government was charging 31 General Sales Tax (GST) on HSD and 17% on other petroleum products. The consumers were also paying Rs8 per litre Petroleum Levy on HSD and Rs10 per litre on petrol.
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