It was reported earlier that the caretaker government might not increase the prices of petroleum products for the month of June and the newly elected government will amend the prices. However, despite all the fuss, at last, the government has increased the rates of petroleum products. And the new prices are as follow:
- Petrol: 91.96 per litre an increase of PKR 4.26 or 4.9 percent
- High-speed diesel: PKR 105.31 per litre an increase of PKR 6.55 or 6.6 percent
- Kerosene oil: PKR 84.34 per litre an increase of PKR 4.46 or 5.6 percent
- Light-speed diesel: PKR 74.99 per litre an increase of 6.14 or 8.9 percent
The new prices are effective from June 12th, 2018. As per the government, the prices are amended due to the price hike in oil prices globally. 50 percent price hike has been absorbed by the government and 50 percent has been passed unto the customers, the government said.
Oil and Gas Regulatory Authority (OGRA) at the end of last month recommended to the government to increase the prices of petroleum products up to PKR 12, but PML-N government didn’t increase the prices and forwarded the task to the caretaker government.
The sales tax on petroleum products has also been increased. The sales tax on petrol has gone up from seven percent to 12 percent, whereas on high-speed diesel it has risen to 24 percent from 17 percent. Furthermore, on light-speed diesel, the sales tax has gone up by nine percent from one percent, and lastly, the sales tax on kerosene oil has increased to 12 percent.
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The previous prices of petroleum products are as follow:
- Petrol– Rs 87.70 per litre
- High-speed Diesel– Rs 98.76 per litre
- Light-speed Diesel– Rs 68.85 per litre
- Kerosene– Rs 79.88 per litre
That’s it from our side, stay tuned for latest updates.