The government has increased the prices of POL products, ignoring the proposal from oil and gas regulatory authority (OGRA) to make an even bigger upward revision.
The new prices of petroleum products are as follows:
- Petrol– Rs 87.70 per liter (Rs 1.70 increase)
- High-speed Diesel– Rs 98.76 per liter (Rs 2.31 increase)
- Light-speed Diesel– Rs 68.85 per litre (Rs 3.55 increase)
- Kerosene– Rs 79.87 per liter (Rs 3.41 increase)
New prices are effective from 1st May 2018.
Just yesterday, OGRA advised the government to increase the prices of diesel and petrol by Rs 5.20 and Rs 3.22 respectively.
Previous prices of petrol and diesel, in the month of April, were as follows:
- Petrol- Rs86 per liter
- Diesel (high-speed)- Rs96.45 per liter
The US dollar is on the rise compared to the Pakistani rupee. Besides, the oil prices in the international market are also on the rise. Besides, the tax on diesel, petroleum, crude oil, and high-octane fuel is to be increased from Rs 10 to Rs 30 per liter under the Finance Bill 2018. In the new budget for the fiscal year 2018-19, a 200 percent increase in the levy on petroleum products was also recommended.
Needless to say, the prices of fuel will only increase in the future.