Petroleum prices likely to jump by upto Rs8

The Oil and Gas Regulatory Authority (OGRA) has recommended increase in the prices of petroleum products by upto Rs8 per litre from November 1. The final approval will be given by Prime Minister Imran Khan.

According to sources in the Ministry of Petroleum, the prices of petroleum products are likely to rise after the rise in oil prices in the global market. Petrol prices may hike Rs6.5 per litre while high speed diesel Rs8 per litre.

Ministry of Petroleum has said that Prime Minister Imran Khan will give final approval to the price hike and the Finance Ministry will announce the new prices tomorrow.

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According to sources, the increase in petroleum products has been recommended at the current rate of levy and taxes. The government can give relief to the people by revising the taxes and levies. The new prices will be applicable for 15 days.

The government is collecting a petroleum levy of Rs6.52 per litre on petrol and Rs5.14 per litre on diesel. Customs duty of Rs9.29 per litre on petrol and Rs8.81 per litre on diesel is being charged. The sales tax on petrol is Rs8.82 and Rs13 per liter on diesel.

Earlier, the government had increased the prices of petroleum products eight times in four months. The government can provide relief to the people by reducing taxes and levies.