Govt increases petrol price by Re1 for November

Published October 31, 2019
Petrol will cost Rs114.24 per litre this month. — AFP/File
Petrol will cost Rs114.24 per litre this month. — AFP/File

The federal government on Thursday through a notification issued by the Ministry of Finance announced a Re1 increase in the price of petrol for the month of November.

The price of petrol was increased from Rs113.24 to Rs114.24 per litre, as per the recommendations of the Oil and Gas Regulatory Authority (OGRA).

High speed diesel (HSD) price was increased by Rs0.27 per litre as it went up from Rs127.14 per litre to Rs127.41 per litre.

The prices of kerosene and light diesel oil (LDO) saw a reduction of Rs2.39 and Rs6.56 respectively. Kerosene, this month, will be priced at Rs97.18 and light diesel oil at Rs85.33.

A day earlier, an OGRA official had said that the government will be losing only about Rs650 million if it keeps the prices largely unchanged for next month, but will earn a lot of goodwill at a time when opposition parties are holding big protest rallies.

The government has begun increasing petroleum levy rates to partially offset a revenue shortfall of over Rs113 billion faced by the Federal Board of Revenue in the first quarter of the current fiscal year.

The levy remains in the federal kitty unlike the GST that goes to the divisible pool, of which about 57 per cent is grabbed by the provinces.

Petrol and HSD are the products that generate much of the revenue for the government due to their massive and yet growing consumption in the country. About 800,000 tonnes of HSD are sold every month in the country against a monthly consumption of around 700,000 tonnes of petrol. The sales of kerosene oil and LDO are generally less than 10,000 tonnes per month.

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Debt trap
30 May, 2024

Debt trap

PAKISTAN’S debt stock has grown exponentially in recent years. So have debt payments, putting pressure on the...
Foregone times
30 May, 2024

Foregone times

THE past, as they say, is a foreign country. It seems that the PML-N’s leadership has chosen to live there. Nawaz...
Margalla fires
30 May, 2024

Margalla fires

THE Margalla Hills — the sprawling 12,605-hectare national park — were once again engulfed in flames, with 15...
First steps
Updated 29 May, 2024

First steps

One hopes that this small change will pave the way for bigger things.
Rafah inferno
29 May, 2024

Rafah inferno

THE level of barbarity witnessed in Sunday’s Israeli air strike targeting a refugee camp in Rafah is shocking even...
On a whim
29 May, 2024

On a whim

THE sudden declaration of May 28 as a public holiday to observe Youm-i-Takbeer — the anniversary of Pakistan’s...