Petrol price increases by Rs7.54 for the month of July

On the recommendation of Oil and Gas Regulatory Authority (OGRA), the finance division approved new prices of petroleum products with effect from Sunday, July 1, 2018.

In a statement issued on Saturday night, OGRA proposed an increase in the price of petrol by Rs7.54 per litre, diesel by Rs14 per litre, kerosene oil by Rs3.36 per litre and light diesel oil by Rs5.92 per litre on which the Finance Ministry said the government had to pass on full impact of the oil prices to the consumers following depreciation of rupee against dollar.

Citing the "tight fiscal position", the government announced to pass on "the full impact of the increase to the consumers".

The financial impact of the above dispensation will be implemented through revision of sales tax rates and petroleum development levy.

Petrol is also used in vehicles and after ban of local gas at the CNG stations in Punjab, the use of petrol has increased. The average monthly demand of petrol is 625,000 ton, HSD 750,000 tons, kerosene oil 15,000 tons and LDO 2,000 tons per month.

After increase in prices of petroleum products, petrol will be available at Rs99.50 per litre, the HSD Rs119.31 per litre, kerosene oil Rs87.70 per litre and the LDO Rs80.91 per litre.

The new prices will be effective from Sunday (today).