F.P. Report
ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) on Friday recommended an increase of 5.2 per cent in price of petrol following the fluctuation in global oil prices.
The consumers are likely to face hike in the price of high-speed diesel widely used in different sectors in the country with effect from January 1, 2018.
The regulator has recommended an increase in the prices of petroleum products of up to 23.6 per cent after the rates of crude oil surged in the international market. The Ministry of Energy (Petroleum Division) received a summary from the Oil and Gas Regulatory Authority (OGRA) on Friday that recommended an upward revision in oil prices.
The OGRA recommended an increase of Rs 4.06 per litre (5.2 per cent) in the price of petrol, Rs 6.03 per liter (16 per cent) high speed diesel, Rs 13.58 per litre (23.6 per cent) in the price of superior kerosene oil (SKO) and Rs 12.49 per litre (24 per cent) in the price of light diesel oil (LDO).
In case the government approves the determination of the regulator about the increase in prices of various petroleum products, petrol price will go up to Rs 81.53 per litre from the current Rs 77.47. The prices of SKO will go up to Rs 71.16 per litre from the existing Rs 57.58 per litre and the price of Light Diesel Oil (LDO) will go up to Rs 64.61 from existing Rs 52.12 per litre.
On the recommended prices of OGRA, the Federal Board of Revenue (FBR) will charge 17 per cent GST on petrol including LDO and SKO. Apart from 17 percent GST, the government is also charging petroleum levy up to 10.00 on prices of oil products.
