ISLAMABAD: The Oil and Gas Regulatory Agreement (OGRA) has once again recommended a massive hike of up to Rs20 per litre in the price of petroleum products from March 1.
According to a summary sent to the Prime Minister’s Office, the regulator has recommended an increase in Rs20.7 per litre in the price of petrol. The price of diesel has been recommended to be increased by Rs19.61 per litre.
The current price of petrol is Rs111.90 per litre, High-Speed Diesel (HSD) at Rs116.07, Light Diesel Oil (LDO) Rs79.23 per litre, and kerosene oil at Rs80.19 per litre.
Earlier this month on February 16, Prime Minister Imran Khan has rejected OGRA’s proposal to increase the price of petroleum products.
In the interest of public welfare, the PM did not approve the recommendation of increasing prices of petroleum products, saying that the government will go to any lengths to provide relief to the people.
OGRA had forwarded a summary to the prime minister seeking an increase of Rs14.07 per litre in the price of petrol and Rs13.61 per litre in the price of high speed diesel. The authority had also recommended an increase in the price of kerosene oil by Rs10.79 per litre.
OGRA had based the recommended rates on a levy of Rs30 per litre. The current rate of petroleum levy is Rs21.04 per litre on petrol and Rs22.11 per litre on HSD. The government is also charging 17% general sales tax (GST) on petroleum products.
During the last two and half months, the government had increased prices of petroleum products up to Rs16.37 per litre. Since December 1, 2020, the government has increased the price of petrol by Rs11.21 per litre, HSD Rs14.64 per litre, kerosene oil Rs14.90 per litre and LDO Rs16.37 per litre.