Petrol Price Expected to Increase by Rs9
The Petrol Price is expected to increase once again by Rs.9 in Pakistan. According to media reports, the new prices will be implemented from August 1, 2020.
The media reports have stated that Oil and Gas Regulatory Authority (OGRA) has sent a summary to Finance Ministry today.
It is pertinent to mention that the government of Pakistan had increased the petrol prices by Rs25.58 per liter, taking it back to Rs100 last month.
According to a notification by Finance Ministry, the price of high diesel were increased by Rs21.31. Meanwhile, the price of Kerosene oil and light diesel were increased by Rs23.50 and Rs17.84, respectively. Usually, the government changes the petroleum prices by end of every month, however, last month prices were hiked before end of June 2020.
The statement by Finance Ministry read that the decision to revise the prices of petroleum products upwards was taken “in the view of rising oil prices in global market.”
The government determines local petrol prices based on past prices of international oil. It calculates the prices by keeping view the rates at which crude oil was imported by the country. The means the petrol you use today was imported in its raw form around 45 days earlier.
Earlier, when petrol was at Rs74.5 per liter, the government was criticized for imposing record-high Petroleum Levy (PL) on petroleum goods. According to statistics, federal government increased the PL on petrol by 20.3%, taking it from Rs19.73 to Rs23.76 per liter. Meanwhile, high-speed diesel was hiked from Rs25.05 to Rs30 per liter. Moreover, the PL on Kerosene oil and light-speed diesel stands at Rs18.02 and Rs11.18 per liter, respectively.