Due to an increase in international oil prices, it is expected that the petrol prices will increase by up to Rs 4 per liter. According to a senior official from the Petroleum Division, Oil & Gas Regulatory Authority (Ogra) has sent a summary to the Ministry of Finance to increase oil prices for the month of October. OGRA recommendation to increase petrol price is based upon the present tax rates and the import cost paid by the Pakistan State Oil (PSO) during September.
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Now the new prices will be approved by the Prime Minister and then the finance ministry will confirm the revised petrol rates.
OGRA has defined a new ex-depot price of high-speed diesel (HSD) increasing it by Rs 4 per litre to Rs 110. Also, OGRA has proposed the ex-depot price of petrol at Rs97. It has also been increased by up to Rs4 per litre.
The price of kerosene after the expected increase will be Rs86 per litre. It will be increased by Rs3 per litre. The price of light diesel oil (LDO) will be increased from Rs76.05 at present to Rs79 per litre. It will be also increased by Rs 3.
The petrol prices have been continuously increasing since 2017, except a few times when it remained the same or was reduced. Presently the government is charging GST on HSD, Petrol, Kerosene, LDO at 22%, 9.5%, 6% and 1% rate. Also, the government is charging Rs8 per litre, Rs10 per litre, Rs6 and Rs3 per litre petroleum levy on HSD, petrol, kerosene and light diesel oil (LDO).