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Petroleum prices likely to hike from Nov 1st by 7%

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ISLAMABAD: Like every ending of month, this concluding month has also made Pakistani to hover on ever-fluctuating petroleum prices as it likely to change by the start of new month.

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Petroleum and finance ministries on Thursday received summary from the Oil and Gas Regulatory Authority (Ogra). The summary proposed rice in petroleum prices by Rs5.28 per litre for petrol, Rs3.34 for high speed diesel per litre, Rs5.73 for high octane blending component, Rs3.89 for kerosene oil, while Rs2.70 per litre for light diesel oil.

However, the final decision on raising prices for petroleum products would be taken by Prime Minister Nawaz Sharif on October 31.

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Earlier, the government did no, however, approve any hike in petroleum prices for the ongoing month. But the government was expected to pass on the increase to the consumers in order to prolong revenue gathering, as it is conditioned that if oil prices are increased, the government would be able to grab more revenue on account of General Sales Tax.

Now, after approval of the proposed summary, the new prices of the petroleum products would be raise from Rs73.76 to Rs79.04 per litre.

Meanwhile, the government would be collecting approximately Rs12 billion on account of levy during the ongoing month on all petroleum products.

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