Reduction in Petroleum Prices Expected

Pakistan Oil and Gas Regulatory Authority (OGRA) has proposed revision in the petroleum product prices in Pakistan. The final deciosn will by made on the prices by the Finance Minister Ishaq Dar and Petroleum Minister Shahid Khaqan Abbasi. If approved, the revised prices will be effective from May 1, 2014.

OGRA has asked for eduction of 34 paisa per liter in the price of petrol thus reducing the existing price of Rs108.31 to Rs107.97 per liter.

The price of the high speed diesel is expected to be Rs. 109.34 per liter after the reduction. The current price of high diesel is Rs113.85.  The price of kerosene is expected to reduce by Rs3.08 .  The price of light diesel oil will see a price drop of 93 paisa per litre.

Currently government charges Rs6 to Rs14 per litre petroleum levy in addition to the 16 per cent general sales tax on the prices of all petroleum products.

The oil prices were expected to drop significantly due to strong Pakistan rupee in the first half of April. However, later not only the oil prices in the international market started to see an upward trend but also there was minor appreciation of the US dollar.

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Posted by Jamshed Sindhu on Apr 29 2014. Filed under Business, 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.