Tuesday saw the local fossil fuel consumers brace against the full force of the rise in global oil prices.
As expected, the government has hiked the prices of fuel;
- Petrol prices are up by Rs. 2.49
- High speed diesel (HSD) by Rs. 5.19
- Kerosene by Rs. 5.19
- Light diesel oil (LDO) by Rs. 3 per litre.
These will go into effect from today (Wednesday 1st November) onwards.
As reported earlier that the price of crude oil worldwide has increased from $53 to $55 per barrel and has pushed the government to increase the fuel prices yet again.
The past few months have shown that the government has been trying to retain kerosene and LDO prices while petrol and diesel prices have been increased constantly. Last month, however, a partial increase in kerosene prices was witnessed.
Crude Oil Prices Went Up
October saw the price of crude oil go up from $52 to $60 per barrel. Consequently, Oil and Gas Regulatory Authority (OGRA) had suggested an increase in prices of HSD and petrol by Rs. 5.49 and Rs. 2.49 respectively – this amounts to a hike of 6.5% and 3.4% respectively.
In a working paper sent to the Energy Ministry (Petroleum Division) and the Ministry of Finance, it was recommended by the regulator that the price of superior kerosene should be increased by Rs. 15.99 per litre (33.3%) and light diesel oil by Rs. 12.63 (27.5%).
The aforementioned prices increase put the final rates as listed below:
- Petrol prices up from Rs. 73.50 to Rs. 75.99 per litre,
- HSD from Rs. 79.40 to Rs. 84.59,
- Kerosene from Rs. 48 to Rs. 53.19,
- LDO from Rs. 46 to Rs. 49
The government also has a 31% General Sales Tax (GST) on HSD and 17% on various other petroleum products. The consumers have also been paying Rs 8 per litre Petroleum Levy on HSD and Rs 10 per litre on petrol.