Petroleum prices may increase by RS 28.44 on August 1

A price rise for petroleum products of up to Rs 28.44 per liter has been estimated by the Oil and Gas Regulatory Authority (OGRA) and might take effect on August 1.

According to regulatory agency sources, based on the current rate of petroleum levy, the predicted ex-depot price of gasoline may rise by Rs6.53, high-speed diesel (HSD) by Rs28.44, kerosene oil (SKO) by Rs11.02, and light diesel oil (LDO) by Rs5.64 per liter (PL).
The Finance Division will propose a summary on Saturday that calls for a rise in gas prices of up to almost 11% starting August 1.

The final decision, in this case, will, as usual, be made by the prime minister. Oil sales decreased by 11% as prices reached their greatest levels. On Monday, fuel prices might rise by Rs 28.44.

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If the government chooses to add the Rs 7 per liter petroleum dealer’s percentage in the pricing system, the price of petrol and HSD would also rise. The day before, the ECC had authorized the rise in the margin for the gasoline merchants.

Dealers have received guarantees from the Petroleum Division that the government will start using the margin on August 1, 2022.

The price of gasoline would rise from Rs230.24 to Rs236.77 per liter; the price of HSD from Rs236.00 to Rs264.44 per liter; the price of SKO from Rs196.45 to Rs207.47 per liter; and the price of LDO from Rs191.68 to Rs197.32 per liter, in accordance with these predicted values.

Currently, there is no sales tax; a PL of Rs. 10 per liter on gasoline; and PLs of Rs. 5 on HSD, SKO, and LDO.

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The government would only be able to recoup a maximum of Rs 14 billion a month, or 750 billion rupees, from PL at the present rate, according to sources in the petroleum division, who also felt that the government was unlikely to recover 750 billion rupees from PL in the current fiscal year.

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