The Oil and Gas Regulatory Authority (Ogra) on Friday notified an increase of Rs 2.18 per litre in petrol price and Rs 1.46 per litre cut in High Speed Diesel (HSD) price effective from June 1. Keeping in view the trend of the Gulf Crude Oil prices, the authority had recommended the government to increase the petrol price by Rs 2.18 per litre and reduce the High Speed Diesel (HSD) price by Rs 1.46 per litre effective from June 1.
The authority has proposed the government not to pass on the impact of increase in oil prices on final consumers by absorbing the Petroleum Levy, which the government at present is collecting at Rs 10 per litre on petrol and Rs 14 per litre on HOBC.
Under the finance bill 2012-13, approved as part of federal budget in June last year, the government can charge a maximum petroleum levy at the rate of Rs10 per litre on petrol, Rs14 on HOBC, Rs 6 on kerosene and Rs 8 on HSD.
The oil marketing companies and petroleum dealers are entitled to marketing margin of up to Rs 3 per litre. In addition, the government also collects 16 per cent GST on all products.
After the approval of the Petroleum Ministry, the authority has notified an increase of Rs 0.84 per litre in High Octane Blending Component (HOBC) price and Rs 0.7 per litre in Light Diesel Oil (LDO) price. It has also notified a cut of Rs 0.40 per liter in Kerosene oil price and Rs 0.38 per litre in JP-I price.
After Ogra's notification petrol price will go up to Rs 99.77 per litre against Rs 97.59 per litre, LDO to Rs 89.13 per litre against Rs 89.06 per litre and HOBC to Rs 124.41 against Rs 123.57 per litre. The price of Kerosene oil will decease to Rs 93.79 per litre from Rs 94.17 per litre, HSD to Rs 104.60 per litre from Rs 106.06 per litre, and JP to 83.08 per litre from Rs 83.44 per litre.
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