The price of petroleum products is likely to increase as the Oil and Gas Regulatory Authority (OGRA) has sent a summary to the Petroleum Division to revise the petroleum products’ prices on Sunday.
As per the sources, the price of diesel will likely increase by Rs4.30, while OGRA has also suggested an increase in the price of petrol and kerosene.
However, OGRA has proposed to maintain the price of light diesel, said the sources.
It should be mentioned here that the Ministry of Finance after consultation with Prime Minister Imran Khan will decide on the prices of petroleum products.
The government had earlier decided on 10th May to maintain the petrol and high-speed diesel sales tax rate.
According to the notification issued by the government, the sales tax rate on petrol and diesel will remain at 17%.
The notification said that the sales tax rate on kerosene has been reduced from 17% to 15.44% while the sales tax rate on light diesel has been reduced from 17% to 7.56%.
Earlier, Prime Minister Imran Khan had decided that the price of petroleum products would not be increased. The OGRA summary recommended an increase of Rs. 5 to 10.
The Prime Minister rejected it and decided to maintain the April 16 prices.
According to the notification issued by the Finance Ministry, the price of petrol has been fixed at Rs 108.56 per liter, high-speed diesel at Rs 110.76 per liter, kerosene at Rs 80 per liter, and light diesel at Rs 77.65 per liter.
The government is bearing the burden of Rs 4.8 billion by maintaining prices.