A month after a reduction in fare of petroleum products, Prime Minister Nawaz Sharif approved on Thursday an increase in Petrol price and hi-speed diesel (HSD).
The Petrol price, increased owing to “fluctuation in the global prices”, will come into effect from April 1.
The decision was made after Oil and Gas Regulatory Authority (Ogra) moved a summary to the petroleum and finance ministries in this regard.
PM announces Rs8.48 per litre reduction in petrol price
The prices of the two products were raised by Rs1.50 and Rs1.40 per litre, taking them up to Rs64.27 and Rs71.12 from the previous Rs62.77 and Rs72.52 per litre, respectively.
The government also increased prices of jet fuel by 14.8 per cent. The price of JP-1 was increased by Rs3.68 per litre (11.3 per cent), JP-4 Rs4.15 (14.1 per cent) and JP-4 Rs4.65 per litre (14.8 per cent).
The new prices of these products will stand at Rs36.35, Rs33.61 and Rs36.01 per litre, respectively.
In the summary, Ogra had proposed increase in price of petrol by Rs3.09 per litre; HSD Rs1.40, high-octane blending component (HOBC) Rs4.67; kerosene oil Rs5.64 and Light Diesel Oil (LDO) Rs4.91 per litre.
The price of HOBC, mainly used in luxury cars, was proposed to hike of Rs4.67 per litre taking the price to Rs77.35 from Rs72.68 per litre. However, the government has kept its price at current level of Rs72.68 per litre.
The price of kerosene oil, used for cooking purposes in remote areas where liquefied petroleum gas (LPG) is not readily available has been kept unchanged at Rs43.25 per litre.
Similarly, the price of LDO, mainly used for industrial purposes has been maintained at level of Rs37.97.
At present, federal government is charging Rs29.57 per litre General Sales Tax (GST) on high speed diesel and Rs14.48 per litre on petrol in addition to petroleum levy (PL), which stands at Rs10 and Rs8 per litre, respectively.
Last month, the premier announced a reduction of Rs8.48 per litre in petrol price, bringing it to Rs62.77 per litre.
The price of Hi-Octane was decreased by Rs2.98, hi-speed diesel Rs4.67 while light diesel Rs1.97 per litre and kerosene oil Rs1.66.