Petroleum prices likely to go up by over Rs 3 from May 1

ISLAMABAD: The government is likely to raise petroleum prices starting Tuesday after Oil and Gas Regulatory Authority (OGRA) sent a summary to Petroleum Division suggesting an increase.

According to OGRA, the prices of petrol should be taken up by Rs3.22 per litre, diesel to Rs5.2, kerosene oil Rs6.97 and light diesel by Rs6.95.

After implementation of the new prices, per litre petrol would cost Rs89.22, diesel Rs101.47, kerosene oil Rs83.43 and light diesel Rs72.25.

Besides petroleum prices, an increase has also been recommended in the levy on petroleum products.

The levy could be increased by 200 per cent, as suggested in the new budget for fiscal year 2018-19.

Under the Finance Bill 2018, tax on diesel, petroleum, crude oil and high-octane fuel would be increased from Rs10 per litre to Rs30.

The same increase would be imposed on the levy of light speed diesel and gasoline, while levy on local liquefied petroleum gas could go up by 328%.

The sixth budget of the Pakistan Muslim League-Nawaz government was presented on April 27 with an outlay of Rs5,932.5 billion. The budget was presented amid a strong protest from the opposition benches against the full-year financial plan despite the incumbent government’s remaining tenure of three months.