Petrol price up by Rs 2.5 per liter

ISLAMABAD – Minister for Finance Ishaq Dar on Saturday announced that the price of petrol was being increased by Rs 2.5 per liter and that of High Speed Diesel (HSD) by Rs 1.75 per liter for November.

Addressing a press conference here the finance minister said, “The government is increasing prices of only two petroleum products by rejecting the summary of Oil and Gas Regulatory Authority (OGRA) in which increase in prices of all products was proposed”.

He informed the media that the prices of all other products have been kept unchanged. “With effect from November 01, the new price of petrol would be Rs 76.26 per liter and that of HSD would be Rs 83.79, while HOBC would be sold at Rs 79.79 per liter, Kerosene oil at Rs 57.11 and Light Diesel Oil (LDO) at Rs 53.59 per liter from November 01”, he said.

Ishaq Dar said that the summary proposed that the price of petrol should be raised by Rs 5.28 per liter, High Speed Diesel by Rs 3.34 per liter, High Octane by Rs 5.73 per liter, Kerosene Oil by Rs 3.89 per liter and LDO by Rs 2.7 per liter.

“The detail was discussed with Prime Minister Nawaz Sharif and under his direction the government announced to cut the proposed increase in price of petrol and HSD to nearly half while the prices of kerosene oil, High Octane and LDO would be kept unchanged for next month”, the minister added.

Dar said that the government decided not to increase price of kerosene oil because during winter it is widely used by common people. He said that with the decision the government would have to face revenue loss of Rs 34 million during the month.

The minister said that since the prices of petroleum products and other commodities have declined, the government faced a total loss in revenue collection of Rs 100 billion. He said that the revenue collection during October 2015 witnessed an increase of 20 percent as compared to same month of last year.

“This is good news for the government as during first quarter of Fiscal Year 2015-16 there was a shortfall of Rs 40 billion in revenue collection” the minister informed. He also announced that on the stressful demand of trader community last date for filing of tax return without fine has been further extended for one more month to November 30.

 

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