Government drops another petrol bomb on hapless masses

The government on Tuesday dropped another petrol bomb on poverty-stricken masses, by increasing prices of petroleum products up to seven rupees.

Following a rise in global oil prices, the government hiked the prices of petroleum products effective from today. Following an increase in petrol prices, the price of Compress Natural Gas (CNG) has also been increased by up to Rs 7.02 per KG.

It is to be mention here that this is the second consecutive hike in petroleum products and new prices will remain effective for the next fifteen days.

According to the media reports the Oil and Gas Regulatory Authority (OGRA) has proposed the federal government to cut the rate of the petroleum levy to save consumers from the rising trend in oil prices during the holy month.

The finance ministry, however, shot down the proposal, saying that petroleum levy is an easy source of collecting taxes from the consumers to bridge its budget deficit.

According to official calculations, the government would collect over Rs15 billion from consumers on account of the petroleum levy and General Sales Tax (GST) during the first two weeks of August.

According to OGRA notification, the price of petrol has been raised by Rs7.67 per litre, High Octane Blending Component (HOBC) Rs7.64 per litre, kerosene Rs4.64, High Speed Diesel (HSD) Rs4.58, Light Diesel Oil (LDO) Rs4.78, and the price of jet fuel JP-1 has been increased by Rs4.44 and JP-8 by Rs4.73 per litre.

Following the hike the price of petrol has jumped up from Rs85.90 to Rs93.57 per litre, HOBC from Rs112.52 to Rs120.16 per litre, kerosene oil from Rs88.19 to Rs92.83 per litre, HSD from Rs97.21 to Rs101.79 per litre, LDO from Rs85.33 to Rs90.11 per litre .

The prices of jet fuels, JP-1 has increased from Rs77.92 to Rs82.36 per litre, JP-4 from Rs69.31 to Rs 74.04 per litre and JP-8 from Rs77.60 to Rs 82.05 per litre.

As the CNG prices are linked with 60% parity of petrol, hence, its prices have also gone up.

The price of CNG in region-I has been increased by Rs 7.02 per kg from Rs 78.65 to Rs 85.67 per kg and Rs 6.34 per kg raise in region-2 from existing Rs71.92 to Rs 78.26 per kg.

The region-I includes the areas of Khyber-Pakhtunkhwa, Potohar and Balochistan and region-II includes Punjab and Sindh.

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Posted by Faisal Farooq on Aug 1 2012. Filed under Latest News, National, Pakistan. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.