Petrol price up by Rs5.15, diesel by Rs5.65 litre

ISLAMABAD: The government has increased the petrol price by Rs5.15 and diesel price by Rs5.65/litre for August 2019 effective from Thursday (today) till midnight of August 31.

The Kerosene oil price has also been increased 5.38/litre and Light Diesel Oil (LDO) by 8.90 a litre. The increase in petroleum prices would push up inflationary pressure in economy, which has been a challenge for the government.

It is worth mentioning that the Oil and Gas Regulatory Authority (Ogra) had recommended the same increase in petroleum price what the government has decided to pass on to the consumers.

After the government’s approval, the prices of petrol have been jacked up from the current Rs112.68 to Rs117.83 per litre and diesel increased from Rs126.82 to Rs132.47/litre.

Besides, Kerosene prices has gone up to 103.84/litre from the current price of Rs98.46/litre. The LDO price was increased from the current Rs88.62 to Rs97.52/litre. At present, the government is charging standard GST rate of 17 pc on all petroleum products.

For the last month of July, the government had kept the prices of petroleum products unchanged, while in same month Pakistan started receiving monthly oil supplies worth $275 million from Saudi Arabia on deferred payment. Under this arrangement, Pakistan would get this oil facility to the tune of $9.9 billion over the next three years.

The Brent oil price in international market on July 31 was recorded at $64.55/barrel which earlier in April and June was hovering near $72/barrel.