The Oil and Gas Regulatory Authority (OGRA) has once again recommended a massive hike in petrol price. According to media reports, the authority has suggested Rs20.7 per liter in rate of petrol. Meanwhile, Rs19.61 per liter hike has been recommended in price of diesel.
The summary has been sent to the Finance Ministry, headed by Dr Abdul Hafeez Sheikh. However, the ministry would take final decision after consultation with Prime Minister Imran Khan. The new prices would be implemented from March 1 to March 15, 2021.
It is pertinent to mention that the federal government didn’t increase the petroleum products prices, despite a recommendation by OGRA.
Petrol Price Hike on Feb 1:
The federal government had increased the petrol prices by Rs2.70 per liter on February 1st. According to a notification by Ministry of Finance, the prices of petroleum products were revised for next 15 days.
It is pertinent to mention that was the third price hike in last month-and-a-half.
Current Prices:
The current price of petrol is Rs111.90, as compared to its old rate of Rs109.20 per liter. Meanwhile, the price of High-Speed Diesel was increased by Rs2.88 per liter, hence, it is now being sold at Rs115.83, against its old price of Rs112.95 per liter.
Furthermore, the price of Kerosene Oil was increased by Rs3.54 to Rs80.19 per liter, while Light Speed Diesel Oil (LDO) was increased by Rs3, and its current rate is Rs79.23 per liter.
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.
