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Petrol and diesel prices to go up

August 30, 2013
— File photo
— File photo

ISLAMABAD: The prices of petrol and other major petroleum products are estimated to go up by more than Rs4.5 per litre on Saturday because of rising trend in the international market caused by reports of a looming US attack on Syria.

According to an official of the Oil and Gas Regulatory Authority (Ogra), the declining value of rupee and concern over possibility of a conflict over Syria have pushed up oil prices.

As a result, the ex-depot prices of both petrol and kerosene oil may go up by Rs4.50 per litre. Therefore, the ex-depot price of petrol may be increased to Rs109 per litre from Rs104.5.

Likewise, the ex-depot price of kerosene oil will go up to Rs105.78 from Rs101.28 per litre and of high speed diesel to Rs113.06 from Rs109.76.

The price of light diesel oil (LDO) will be increased by about Rs2 per litre to Rs98.12 and of high octane blending component (HOBC) to about Rs5 per litre to Rs134.

The retail price of petroleum is usually 30-40 paisa per litre more than the ex-depot price fixed by the government because of transportation cost from depots to the retail outlets.

The official said the Ogra was recommending to the government to absorb a part of the proposed increase in the petroleum levy instead of passing on full impact to consumers already facing inflationary pressures.

He said the government was currently getting about Rs8bn per month on account of petroleum levy on petroleum products and another Rs21bn revenue from general sales tax.