In shockingly unexpected news, petrol price has fallen down. Earlier in the day, OGRA had suggested a price increase for all petroleum products, but the government seems to have paid no heed to that advice. Instead of hiking the petrol price, the government has chosen to decrease the cost of petrol.
New Petrol Price
The price of petrol fell by Rs. 5, and now it costs Rs. 267 instead of Rs. 272. We know it’s not a huge price difference and will not make any difference in the inflation, but it is still something.
The diesel price remains the same as before, which is Rs. 280.
We hope this price reduction is continued in future and is not just a buffer to increase petrol prices once again massively.
OGRA Advised Price Hike
Oil and Gas Regulatory Authority (OGRA) had proposed another hike in petrol price in Pakistan. The media reports stated that the authority had sent a summary to the federal government in this regard. Quoting sources, the reports suggested that OGRA had sent two suggestions to the government.
Firstly, the authority has suggested 2% and 5% General Sales Tax (GST) on petrol and diesel, respectively, along with a 5-10% petroleum levy on diesel. If the government imposes 2% GST on petrol, its price will increase by Rs. 5.44/per liter. In case of 5% GST, the petrol will see a jump of Rs. 13.60/per liter from tomorrow. Meanwhile, an increase of Rs.10-15/liter in diesel price has also been suggested.
According to sources, OGRA has also suggested maintaining the prices for next fortnight. The global fuel prices have come down in the last 15 days and currently stand at $74/barrel.
Secondly, OGRA has suggested imposing new taxes as per global market trends to keep the price unchanged. The final decision about fuel prices will be made after consultation with the finance minister and prime minister
What do you think of this Rs. 5 relief? Share your thoughts in the comments below!
