Petrol price hiked to Rs99.5 per litre

[hadi123]

ISLAMABAD: In a major blow to the consumers, the caretaker government has increased oil prices up to Rs14 per litre for the month of July.

In a statement issued on Saturday night, the Finance Ministry said the government had to pass on full impact of the oil prices to the consumers following depreciation of rupee against dollar.

The Oil and Gas Regulatory Authority (Ogra) had proposed increase in price of petrol by Rs7.54 per litre, high speed diesel (HSD) Rs14 per litre, kerosene oil Rs3.36 per litre and light diesel oil (LDO) Rs5.92 per litre.

After increase in prices of petroleum products, petrol will be available at Rs99.50 per litre, the HSD Rs119.31 per litre, kerosene oil Rs87.70 per litre and the LDO Rs80.91 per litre. The new prices will be effective from today (Sunday).

The HSD is used in transport and agriculture sectors and therefore increase in its prices would directly impact the life of the consumers who would be witnessing hike inflationary rates in the country.

Petrol is also used in vehicles and after ban of local gas at the CNG stations in Punjab, the use of petrol has increased. The average monthly demand of petrol is 625,000 ton, HSD 750,000 tons, kerosene oil 15,000 tons and LDO 2,000 tons per month.

The government is collecting Rs36.62 per litre taxes on the HSD. The consumers were paying Rs8.24 per litre custom duty, Rs20.38 per litre GST and Rs8 petroleum levy on HSD. In addition to it, consumers were paying Rs2.41 per litre margin for oil marketing companies and Rs2.67 per litre dealers’ margins.

The consumers were paying Rs22.44 per litre taxes on petrol. The government was collecting Rs2.59 per litre custom duty, 9.85 per litre GST and Rs10 per litre petroleum levy on petrol.

The government was collecting Rs9.04 per litre GST and Rs6 per litre petroleum levy on kerosene oil. The consumers were paying Rs6.19 per litre GST and Rs3 per litre petroleum levy on the LDO.

https://tribune.com.pk/story/1746946/2-july-petrol-price-hiked-rs99-5-per-litre/

 

[Itachi]

Can anyone tell me which country has the lowest petrol price?

In India the price is also going up (not that it was cheaper earlier by any means but it is way too costly now)

 

[Mian]

Can anyone tell me which country has the lowest petrol price?

In India the price is also going up (not that it was cheaper earlier by any means but it is way too costly now)

Venezuela cheapest oil and electricity.

 

[Varun]

You have to question the timing of this, with elections just around the corner?

 

[Mian]

You have to question the timing of this, with elections just around the corner?

PMLN govt was already increasing the price every month before their term ended and caretaker govt arrived last month.

 

[giri26]

'Bitter' decision to hike fuel prices had to be taken: info minister

ISLAMABAD: An increase in the prices of petroleum products was inevitable, Pakistan's interim information minister said Sunday, according to Geo News.

Ali Zafar, the caretaker information minister, explained that the bitter decision to approve a hike in the petroleum prices had to be taken.

On Saturday, the caretaker government through a notification approved a significant upward revision in petroleum prices, with the new rates coming into effect from July 1 (Sunday).

After respective rate hikes of Rs7.54, Rs14.00, Rs3.36, Rs.5.92, and Rs6.55 in petrol, diesel, kerosene oil, light diesel, and high-speed diesel, their new per-litre prices were Rs99.50, Rs119.31, Rs87.70, Rs80.91, and Rs105.31.

Earlier, the Oil and Gas Regulatory Authority (OGRA) had recommended an increase in the prices of petrol, diesel, and kerosene oil by Rs5.40, Rs6.20, and Rs12, respectively, for July 2018.

As per the notification, the caretaker government has cited the worsening economic condition as the reason for the price hike.

https://www.geo.tv/latest/201549-petrol-prices-reason