Petroleum prices likely to be hiked by up to Rs8/litre

ISLAMABAD: The government is likely to push up prices of petroleum products by up to Rs8 per litre for the next 15 days starting Nov 1, ARY News reported, citing informed sources.

They relayed that the Oil and Gas Regulatory Authority (Ogra) has proposed a hike of Rs6 per litre in the price of petrol and Rs8/litre hike in that of high speed diesel (HSD).

The proposed upward revision of fuel prices depends on the government’s decision to jack up levy and general sales tax on petroleum products.

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At present, there is Rs5.62 and Rs5.14 levy on per litre of petrol and diesel, respectively.

The Ministry of Finance will decide whether or not to jack up fuel prices with approval of Prime Minister Imran Khan.

On Oct 15, Prime Minister Imran Khan approved a Rs10.49 per liter increase in petrol price. Petrol now costs Rs137.79 per liter. The high-speed diesel price was jacked up by Rs12.44 per liter to Rs134.48.

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The price of kerosene oil was fixed at Rs110.26 after an increase of Rs10.95 per liter. Light diesel oil costs Rs8.84 more and is priced at Rs108.35 per liter.