Petrol price is to increase up by Rs.5.15 per litre.
The consumers are likely to experience the surge by 10percent in the prices of the petroleum products for the month of August, after the fluctuations in the global crude prices.
The Oil and Gas Regulatory Authority—OGRA has forwarded a summary on Tuesday, suggesting the federal government to surge the prices of the petroleum products up by 10percent for the month of August.
The recommendation was made after taking into consideration the changing prices of crude oil in the international market.
The Ministry of Finance would be reviewing and setting prices of the petroleum products on Wednesday for the month of August 2019, keeping into consideration the revenue collection target of the government for the present financial year.
OGRA has made the calculations for a surge of Rs.5.15 per litre in the petrol price, Rs.5.38 for kerosene oil, Rs.5.65 per litre for high-speed diesel and Rs.8.90 for the light diesel oil.
If the suggestion of OGRA gets approved then the petrol price would jump to Rs.117.83 per litre from the present Rs.112.68, indicating a surge of 5percent.
As per sources in the Petroleum Division, the government is likely to pass on a partial surge in oil prices by adjusting the general sales tax rate and petroleum charge for absorbing most of the proposed surge in prices.
OGRA has calculated ex-refinery sale prices of petroleum products at the standard 17percent GST.