The federal government has once again increased the petrol prices by Rs2.70 per liter. According to a notification by Ministry of Finance, the prices of petroleum products have been revised for next 15 days.
It is pertinent to mention that this is third price hike in last month-and-a-half.
New Petrol Prices:
According to the ministry, new price of petrol is Rs111.90, as compared to its old rate of Rs109.20 per liter. Meanwhile, the new price of High-Speed Diesel has been increased by Rs2.88 per liter, hence, it will now be sold at Rs115.83, against its old price of Rs112.95 per liter.
Furthermore, the price of Kerosene Oil has been increased by Rs3.54 to Rs80.19 per liter, while Light Speed Diesel Oil (LDO) has been increased by Rs3, and its new rate is Rs79.23 per liter.
Earlier, media reports suggested that Oil and Gas Regulatory Authority (OGRA) had suggested another price hike in petrol prices. As per reports, the authority recommended Rs12 increase in petrol prices and Rs10 in High-Speed Diesel (HSD) price, in a summary to the Finance Ministry.
Earlier on January 15, the federal government hiked the petrol prices. According to a notification by the Ministry of Finance, the government hiked the petrol price by Rs3.20. Meanwhile, the ministry increased the price of HSD rate by Rs2.95 per liter, Kerosene Oil by Rs3 per liter and Light Diesel Oil (LDO) by Rs4.42 liter.
It is pertinent to mention that the government now revises the prices of petroleum products after every 15 days. Previous governments used to take the decision on monthly bases.
Levy Hit For Govt on January 1:
Although the government increased the prices, however, media reports said that it took a significant revenue hit, as it reduced its Petroleum Levy (PL). The ministry said that PL on petrol had been reduced by Rs4.50 per litre and about Rs2.51 per litre on HSD. Meanwhile, it reduced the Levy on kerosene oil by 55 paisa per litre and increased by about 65 paisa per litre on LDO.