Home Business Ogra proposes as much as Rs10.5 per litre hike in petroleum costs

Ogra proposes as much as Rs10.5 per litre hike in petroleum costs

by News Updater

ISLAMABAD: The federal government will revise costs of petroleum merchandise on Wednesday (as we speak).

The costs could also be elevated by as much as Rs10.5 per litre for the subsequent fortnight if the calculations of the Oil & Gasoline Regulatory Authority (Ogra) are accepted by the federal government. Nonetheless, a senior official informed Daybreak that the federal government would possibly move on a partial influence of improve in imported worth and rupee depreciation to keep away from inflationary strain.

A closing determination could be introduced by the ministry of finance after consultations with the prime minister.

Petroleum Division sources mentioned the working paper on the costs of petroleum merchandise from Ogra had been obtained. The working paper is predicated on current petroleum levy and common gross sales tax charges and import parity worth.

In keeping with the working paper, the regulator has calculated Re1 per litre improve within the ex-depot worth of petrol and about Rs10.5 per litre hike within the ex-depot worth of excessive pace diesel (HSD).

Likewise, the ex-depot worth of sunshine diesel and kerosene has been calculated to go up by Rs5.50 per litre every. These will increase have been labored out due to barely larger worldwide oil costs and mainly due to deteriorated change fee over the previous 15 days.

Petrol and HSD are the 2 merchandise that generate a lot of the income for the federal government due to their large and but rising consumption within the nation. Common petrol gross sales are touching 750,000 tonnes per 30 days in opposition to the month-to-month consumption of round 800,000 tonnes of HSD. The gross sales of kerosene and light-weight diesel oil are usually lower than 11,000 and a couple of,000 tonnes per 30 days, respectively.

Underneath the revised mechanism, oil costs are revised by the federal government fortnightly to move on worldwide costs printed in Platt’s Oilgram as an alternative of earlier mechanism of month-to-month calculations on the idea of import price of Pakistan State Oil.

Printed in Daybreak, September 15th, 2021

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