ISLAMABAD: The Oil and Gas Regulatory Authority (Ogra) recommended Rs5.59 per litre (7.95pc) increase in the ex-depot price of petrol from Rs70.29 to Rs75.88. It also proposed a reduction of Rs5.49 per litre (7.30pc) in HSD price from Rs80.61 to Rs75.12.
It sought to raise the price of High Octane Blending Component (HOBC) by Rs12.92 per litre (15.71pc) to Rs92.93 from Rs80.31; kerosene by Rs7.32 (11.91pc) to Rs68.76 from Rs61.44 and light diesel oil (LDO) by Rs5.50 (9.49pc) to Rs63.44 from Rs57.94.
The authority had worked out the price adjustment on the basis of 27pc GST, and not on the previous rate of 22 or 17pc, on the instructions of the finance minister, a senior Ogra official said. He said the government had the powers to increase or decrease the tax rate and depending on the political situation it might provide relief to people or increase its revenue collection.
A final decision on the price adjustment would be taken after seeking an advice from the prime minister, a finance ministry official said. He said the ministry would like to protect its per litre GST collection which would mean a partial increase in the prices recommended by Ogra.
