ISLAMABAD, April 30: Ignoring recommendations by the Oil and Gas Regulatory Authority (Ogra) for up to 7.2 per cent cut in oil prices, the caretaker government on Tuesday reduced the rates of petrol and diesel by 4.6pc and 2.32pc respectively with immediate effect to pass on to consumers the impact of lower international prices.
The government also increased petroleum levy on almost all oil products to earn higher revenue and also protected comparatively higher GST on them.
According to a press release issued by oil marketing companies after approval by the government, the ex-depot price of petrol was reduced by Rs4.71 to Rs97.59 per litre from Rs102.30. Ogra had recommended a reduction of Rs7.37 per litre. The levy on petrol was increased by 27pc to Rs10 per litre from Rs7.84.
The price of high speed diesel (HSD) was fixed at Rs106.06 per litre, down by Rs2.53 from Rs108.59. Ogra had proposed a reduction of Rs6.50 per litre. The levy on HSD was increased by 81pc to Rs8 per litre from Rs4.96.
Kerosene price was reduced by Rs4.09 (4.16pc) to Rs94.17 per litre from Rs98.06. Ogra had called for reducing the price by Rs5.15 per litre. The petroleum levy on the poor man’s fuel was raised to Rs6 per litre from Rs5.76.
The price of light diesel oil (LDO) was reduced by Rs4.22 (4.52pc) to Rs89.06 per litre from Rs93.28. Ogra had recommended a reduction of Rs4.91 per litre. The levy on LDO was increased to Rs3 per litre.
The price of high octane blending component (HOBC) was reduced by Rs8.46 (6.4pc) to Rs123.57 per litre from Rs132.03. The government continues to charge Rs14 per litre as petroleum levy and 16pc GST on HOBC.
The prices of two jet fuels were also reduced — JP-1 by Rs5.21 (5.9pc) to Rs83.44 per litre from Rs88.65 and JP-8 by Rs5.21 (5.9pc) to Rs83.11 per litre from Rs88.32.