POL prices may be hiked up to Rs 5.50 per litre

The Oil and Gas Regulatory Authority (Ogra) has forwarded a summary to the Ministry of Petroleum with the recommendations to increase prices of petroleum products up to Rs 5.50 per litre effective from August 1. The regulatory authority has also requested the government not to pass on the full impact of oil prices on the general consumers by absorbing Petroleum Levy (PL), saying that the passing on full impact to the consumers will result in massive hike in transport fares on Eidul Fitr.
Keeping in view the international trend of oil prices and, devaluation of Pakistani rupee against other international currencies, especially US dollar the authority has recommended an increase of Rs 5.50 per litre in High Octane Blending Component (HOBC) Price, Rs 2.73 per litre in petrol price, Rs 4.99 per litre in Kerosene Oil price, Rs 4.50 per litre in High Speed Diesel (HSD) price, Rs 3.95 per litre in Light Diesel Oil (LDO) price, Rs 4.98 per litre in JP-1 price, Rs 4.48 per litre in JP-4 price and Rs 4.98 per litre in JP-8 price.
On account of Petroleum Levy the government is collecting Rs 10 per litre on petrol, Rs 14 on HOBC, Rs 6 on kerosene and Rs 8 on HSD. Moreover, the government is also collecting General Sales Tax (GST) at the rate of 17 percent on the sale of petrol and petroleum products and the increase in the fuel prices will also increase the government''s General Sales Tax (GST) collection.
At present different petroleum products are available at following rates: Petrol at Rs 101.77 per litre, HOBC at Rs 126.77 per litre, HSD at Rs 106.76 per litre, LDO at Rs 92.17 per litre, kerosene oil at Rs 96.29 per litre, JP-1 at Rs 84.90 per litre, Jp-4 at Rs 77.86 per litre and JP-8 at Rs 84.57 per litre. If the government approves Ogra summary the new price effective from August will be as following: petrol at Rs 104.50 per litre, HOBC at Rs 132.27 per litre, HSD at Rs 111.26 per litre, kerosene oil at Rs 101.28 per litre, LDO at Rs 96.12 per litre, JP-1 at Rs 89..88 per litre, JP-4 at Rs 82.34 per litre and Jp-8 at Rs 89.55 per litre.