ISLAMABAD – The Oil and Gas Regulatory Authority (Ogra) yesterday recommended 2.85 percent increase in the price of petrol and up to 15.55 percent decrease in the rates of other petroleum products.
According to sources, Ogra has proposed an increase of Rs 2.17 per litre in the price of petrol for the month of January. However, for other petroleum products, the authority has recommended a downward revision.
According to a summary moved by the ministries of petroleum and finance, Ogra has suggested a decrease of 7.08 percent or Rs 5.93 per litre in the price of high speed diesel, 15.55 percent or Rs 8.29 per litre in the price of light diesel, 14.33 percent or Rs 8.07 in kerosene and 5.39 percent or Rs 4.35 per litre in that of high octane blended oil (HOBC).
The summary has been forwarded to both the ministries concerned while the new prices of petroleum products will be announced after approval from the prime minister.
The new prices will be effective from January 1, 2016.
It is pertinent to mention here the government is charging up to 50 percent general sales tax (GST) on various petroleum products against the standard GST rate of 17 percent.
NEO Web Desk