Instead of reducing the petrol prices by Rs9 per litre, the government is planning to increase it by over Rs14 per litre.
Lahore (Pakistan Point News – 30th April, 2019) The government has been taking getting revenue by increasing the petroleum prices.
Media reports said that petrol prices could be decreased by Rs9 per litre as it has been charging it as an extra amount since last month.
However, instead of reducing the petrol prices by Rs9 per litre, the government is planning to increase it by over Rs14 per litre.
The price of petrol currently stands at $71 per barrel in the international market. Including all the taxes, the price reaches to Rs89 per litre.
With the fresh increase in the petroleum prices, it will hike to Rs113 per litre.
This means that the government will be charging over Rs20 from the people on per litre petrol under the grab of subsidy.
The Oil and Gas Regulatory Authority (OGRA) has recommended increasing petroleum prices by as much as Rs14.37 for the month of May.
In a summary sent to the Petroleum Division on Monday, OGRA proposed that the petrol price be hiked by Rs14.37 per litre while the price of high speed diesel (HSD) be raised by Rs4.89 per litre for the next month.
The regulator has also requested an increase of Rs7.46 per litre for kerosene oil while Rs6.40 per litre hike for light diesel oil (LDO).
If the government accepts this recommendation, the petrol prices would inflate to to 113.26 per litre, diesel prices to Rs122.32 per litre, LDO to Rs86.94 per litre and kerosene oil would go up to Rs96.77 per litre.
Prime Minister Imran Khan will take the final decision over the price hike after consultations with the petroleum and finance ministries.
