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On the recommendation of Oil and Gas Regulatory Authority (OGRA), the finance division approved new prices of petroleum products with effect from Sunday, July 1, 2018.
According to a statement issued by the finance ministry late on Saturday, OGRA had proposed an increase in the price of petrol by Rs7.54 per litre, diesel by Rs14 per litre, kerosene oil by Rs3.36 per litre and light diesel oil by Rs5.92 per litre.
Citing the "tight fiscal position", the government announced to pass on "the full impact of the increase to the consumers".
"The increase in the petroleum prices is caused due to increase in petroleum prices in international market and depreciation of rupee against US dollar," read the statement.
The financial impact of the above dispensation will be implemented through revision of sales tax rates and petroleum development levy.
The new price of motor spirit 92 RON petrol will be Rs99.5 per litre, while that of high-speed diesel will be Rs119.31.
Similarly, the per litre price of kerosene oil and light diesel oil will be Rs87.7 and Rs80.9, respectively.
Comments (17) Closed
Today, we the common people, are paying the price of the corruption of our ENTIRE ruling elite.
The rich don't want to pay taxes so the people pay them at the pump.
It is not fair to increase GST and Pet Levy. Increase in International prices have no impact on percent increase on GST and NIL on PL. Import Parity Price and Exchange rate will increase. Govt needs to tell the people exact calculations. Stating the ECC Summaries are SECRET is hiding facts. Pl join us to high Courts for Stay Orders.
Better to tax the oil companies and their profits.
With zero accountability, the so-called care-taker administration in Islamabad can do whatever they like and whenever they want to increase the price of gasoline, on one pretext or the other? After all, they supposedly came to power for 90 days, and un-like other mainstream politicians and political parties of the country, they are not answerable to anybody. What a cruel, silly and brutal joke?
So the care taker PM is now punishing the innocent public.!!!! Amazing
They are punishing us.
The caretaker PM would have done well to have reduced his helicopter rides instead of increasing the petrol prices but alas.
And there was a time Nawaz used to appear on state television to announce unsustainable price cuts to get political mileage...
When the oil prices in the International market come down then there is no passing on of the "the full impact to the consumers" and when they go up then the prices are increased at once,bad practice.And the rupee was devalued.Why?why was it overvalued in the first place?.Nobody asks and nobody answers.There has to be across the board ACCOUNTABILITY!
Entirely wrong decision which will surely affect to all and be the cause of price hike. There are many more areas including the broadening of tax base rather doing this painful action.
A welcome to the new financial year from the care taker government. What else are they going to inflict on the down trodden population of this unfortunate land?
Unelected govt has no mandate from the people.
Ready for surrender to IMF!
Very good keep it up
Petrol (the 92 RON variety) is selling for Rs. 100.30 in Lahore. please take up this matter, in the public interest. Thanks
@Agnostic and no doubt we are those who elect these entire ruling elite.