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ISLAMABAD:
The government on Saturday hiked high speed diesel (HSD) prices by Rs 11.30 per liter while keeping petrol price unchanged in line with fluctuations in global oil prices, with effect from February 1 (today).
According to a report, the government has maintained the prices of petrol. The government revised the prices following the recommendations of the Oil and Gas Regulatory Authority (OGRA), the statement said.
As per the revised prices, high speed diesel will be sold at Rs 268.38 per liter against the earlier rate of Rs 257.08 per liter applicable from 16.
In contrast, the price of motor spirit, commonly known as petrol, has been maintained at the current price of Rs 253.17. per litre. Petrol was priced at Rs253.17 per liter during the previous fortnight and will continue at the same level.
High-speed diesel is widely used in transport, agriculture and industry, while motor spirit is primarily consumed by private vehicles and motorcycles. Therefore, the increase in the price of high-speed diesel will have an impact on the life of the common man.
However, users of petrol in motorcycles and cars will continue to benefit from the current tariff.
On January 15, the federal government had kept the prices of petroleum products unchanged.
The unchanged prices were due to the increase in kerosene tax on petrol by Rs 4.62. per liter and Rs 0.80 on high speed diesel. Combined, the oil and carbon taxes now amount to Rs 87 on petrol and Rs 79 on diesel.
According to reports, the federal government collected Rs828 billion in oil tax against the budgeted Rs1.4 trillion in the first six months (July-December) of the current fiscal year. The estimate of Rs1.47 trillion PL is up from Rs1.16 trillion budgeted in the previous financial year.
OGRA has also announced an increase in liquefied petroleum gas (LPG) prices by Rs6.37 per kg in a notification issued on Saturday.
The authority stated that LPG prices have been increased by Rs6.37 per litre.
After the revision, the price of an 11.8 kg domestic LPG cylinder has gone up by Rs 75.21, putting the new retail price at Rs2,667.40 for February, which was Rs2,592.19 in the previous month.
The OGRA notification said that the updated price per kilo now stands at Rs266.05, while distributors and retailers are warned against charging higher prices than the officially notified prices.
The regulator said strict action would be taken against those violating pricing rules after receiving complaints of overcharging in several markets.
The LPG producer price is linked to Saudi Aramco-CP and the US dollar exchange rate. Compared to the previous month, Saudi Aramco-CP has risen by 3.30 per cent, while the average dollar rate has fallen by 0.14 per cent.
