Petroleum prices likely to increase from May 1

F.P. Report

ISLAMABAD: Oil and Gas Regulatory Authority (OGRA) sent a summary to Petroleum Division and suggesting an increase in the petroleum prices.

According to the report, the prices of petrol likely to be increase to Rs3.22 per litre, diesel to Rs5.2, kerosene oil Rs6.97 and light diesel by Rs6.95.

Besides petroleum prices, an increase has also been recommended in the levy on petroleum products.

The levy could be increased by 200 per cent, as suggested in the new budget for fiscal year 2018-19.

Under the Finance Bill 2018, tax on diesel, petroleum, crude oil and high-octane fuel would be increased from Rs10 per litre to Rs30.

The same increase would be imposed on the levy of light speed diesel and gasoline, while levy on local liquefied petroleum gas could go up by 328%.