The government on Monday kept oil prices unchanged for November 2016, owing to ongoing political situation in the country. The Oil and Gas Regulatory Authority (Ogra) had recommended increase in oil prices by 2.8 to 15.6 percent for November.
In its summary to government, Ogra had worked out hike in all petroleum products keeping in view of fluctuation in the international market in October and according to oil pricing mechanism, it needed to be passed on to the consumers in November if the government wanted to continue with current high tax rates.
At present, two types of taxes are being charged from the oil consumers including petroleum levy and general sales tax.
The regulator had recommended increase in the price of the High Speed Diesel (HSD) by Rs 2 per litre (2.8 per cent) from Rs 72.52 to Rs 74.52 per litre.HSD is mostly used in the transport and agriculture sectors and has direct impact on the people. Its existing price of Rs 72.52 per litre has been maintained.
The regulator had also proposed increase in price of petrol by Rs 2.29 per litre (3.6 per cent) from Rs 64.27 to Rs 66.56 per litre. This product is used in vehicles and is alternate to natural gas in auto sector.
The price of kerosene oil, used for cooking purposes in remote areas where liquefied petroleum gas is not readily available, was recommended to increase by Rs 6.75 per litre (15.6 per cent) from Rs43.25 to Rs50 per litre.
Similarly, the price of LDO, mainly used for industrial purposes was suggested to hike by Rs6.40 (14.8 per cent), meaning the price was to go up from Rs43.35 to Rs49.74 per litre. The existing prices of all these products have been maintained following decision of the government.
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