The prices of petroleum products are expected to increase up to Rs 7.30 per litre after the Arabian Light crude oil prices touched an 11-month high. A presentation by Oil and Gas Regulatory Authority (Ogra) to be made before the special parliamentary committee on prices of petroleum products, constituted by Speaker National Assembly, revealed that Arabian crude oil price has touched $120 per barrel in the current month.
Keeping in view Gulf crude prices, the government is likely to increase High Octane by Rs 7.30 per litre, Motor Sprit (MS) by Rs 3.60 per litre, Light Diesel by Rs 2.68 per litre, High Speed Diesel by Rs 1.78 per litre and Kerosene oil by Rs 2.69 per litre effective March 1. The committee meeting, scheduled for Wednesday (today), would take up issues relating to finance with special emphasis on tax revenue so far collected against Petroleum Levy (PL), Inland Freight Margin (IFEM) for Oil Marketing Companies as well as petroleum dealers. According to petroleum ministry sources, the ministry of finance is also considering reducing PL in a bid to maintain POL prices at current level, which in Pakistan are linked with Saudi Aramco crude prices.
Comments
Comments are closed.