ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) has prepared the summary and send to the government to change the price of petroleum products for December, according to summary the price of petrol will be Rs. 1.48, high-speed diesel (HSD) One rupee 20 paise, kerosene oil Rs 15.35 while light diesel oil (LDO) was recommended to raise Rs 13.15 per litre.
According to Dawn News reports, removing sanctions on diesel pricing by the government, oil companies will be able to fix the cost of high-speed diesel by fixing savings between their dealers. So if the Oraga Summit is approved, kerosene oil will increase 28.9 percent while the light speed diesel will increase by 26.8 percent. Officials say that the government is expected to complete the recommendation of OGRA, according to the current tax rate by the OGRA and the import cost summary petrol price will increase by 1.9% while high-speed diesel price will rise by 2.4 percent.
Ogra had been said to the government in the summary that the prices of petroleum products were necessary for refining due to the rise in international prices during November. Therefore, according to OGRA, the current price of petrol will be increased from Rs. 75.99 to 77.99 rupees per litre.
In addition, OGRA says that in the case of high-speed diesel, the OGRA determines the cost of the refinery according to the average import value provided by the PSO, while on October 6 as Chairman of the Cabinet’s Economic Contact Committee. Prime Minister Shahid Khaqan Abbasi has been de-regulated retail prices, which was informed to the Ministry of Petroleum on October 27.
After which the high speed diesel refinery will rise from Rs 50.07 to 51.27, which will increase by 2.4 percent or one rupees 20 paise, which is the fixed price of the refinery from OGRA, plus high speed diesel price will be around Rs 86.50 per liter for depot, which is one rupee 91 paise more than the current amount of 84.59.
OGRA has recommended that the price of kerosene oil should be increased from 53,19 rupees to 68.19 rupees, which is equal to Rs 15, 35 paise or 28.9 percent increase in addition, as well as the price of light speed diesel at Rs 13.15 or 26.8 percent, has been asked to increase, after which it will increase from Rs 49 to 62.15 rupees.
OGRA officials said that all these prices have been set up by all the products imported by Pakistan State Oil (PSO) in November, General Sales Tax (GST) and Petroleum Levi.
OGRA’s summary has been sent to senior ministry petroleum which will be approved by the Prime Minister, it is believed that oil prices are revised on the last day every month.