ISLAMABAD – Keeping in view the global price hike of oil, the government on Friday increased the prices of petrol from Rs100.11 per liter to Rs103.97 per liter, an increase of Rs3.86. “The government has decided to revise the existing prices of petroleum products in view of the rising oil prices trend in the global market,” said a press statement issued by the Finance Ministry.
According to the statement, the new prices would be effective from August 1st, 2020.
Meanwhile, the prices of High Speed Diesel have been increased by Rs5 from Rs101.46 per liter to Rs106.46 per liter.
Likewise, the prices of Kerosene oil have been increased by Rs5.97, from Rs59.32 to Rs65.29 per liter and Light Diesel Oil by Rs6.62, from Rs56.24 per liter to Rs62.86 per liter.
The government on Friday also increased the price of indigenous liquefied petroleum gas (LPG) by Rs 18 to Rs 1365 for 11.8/kg cylinder for the month of August.
According to the notification issued by the Oil and Gas Regulatory Authority (OGRA), LPG price has been increased by 1.50 per kg to Rs115.50 from earlier Rs113.98 per kg.
It is worth mentioning here that for the month of July LPG price was increased by Rs3.96 per kg to Rs113.98 from earlier Rs110 per kg. Earlier for the month of May the government had drastically increased the prices of indigenous liquefied petroleum gas (LPG) by Rs256 to Rs1322.90 for 11.8/kg cylinder. LPG price was increased in May by Rs22 per kg to Rs112 from the April price of Rs90.42 per kg.
According the OGRA’s notification, the producers price in August (including excise duty of Rs85 per MT)(Excluding Petroleum Levy) Propane 40 per cent and Butane 60 per cent is Rs 59096.43 per MT or Rs 697.34 per 11.8 Kg Cylinder, Marketing/Distribution Margin is Rs 35000 per MT or Rs 413 per 11.8 Kg cylinder. The Petroleum Levy of Rs4669 per MT or Rs55.09 per 11.8 Kg cylinder is also included in the price.
Prior to the imposition of general sales tax (GST), the consumer price would be Rs98765.43 per MT for August as compare to Rs97426.33 per tonne for July, while the price of 11.8 kg cylinder is Rs1165.43, said the notification. Additionally, a GST of 17 percent on Rs97426.48 per tonne would translate into Rs 16562.48 or Rs 185.44 per cylinder. The final consumer price per tonne would be 115555.55 per tonne, or Rs1363.55 per cylinder.
In July 2019, the government notified LPG price at Rs 1,330.92 per cylinder, August Rs 1,350.03, September Rs 1,327.76, October Rs 1,475.63, November 1,495.86, December Rs 1,513.69 and for January 2020, the price was Rs 1,791.48 per cylinder, for February it was Rs 1680.21 per cylinder and for March it was Rs1530.17, Rs 1067.39 in April, May 1298.31, June Rs 1298.31 and July 1347 for 11.8/kg cylinder.