Skip to main content

OGRA recommends Rs4.5 per litre cut in petroleum prices next month

ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) on Thursday in its summary to the government has recommended up to Rs4.50 per litre reduction in petroleum prices for the next month.

The regulator has suggested cut in fuel prices to transfer the benefit of lower prices in world markets to the consumers.

The regulatory authority has worked out a reduction of Rs4.5 per litre cut in high-speed diesel (HSD) to Rs102.20, petrol down by 50 paisa to Rs90.47 per litre, kerosene oil rate to go down by Rs2 to Rs80.98 per litre.

The new prices of the petroleum products will be announced after approval by the prime minister which will come into force from Feb 1.

The levies on petroleum products generate revenues for the government. The government presently receives 17 per cent general sales tax (GST) on all petroleum products. The government was charging 0.5pc GST on light diesel oil, 2pc on kerosene, 8pc on petrol and 13pc on HSD until Dec 31, 2018.

In Pakistan, petrol and HSD generate bulk of the revenue because of their massive and yet growing consumption in the country.

The petroleum prices have been been on the rise since early 2017 except for a few instances of reduction. The international benchmark Brent prices have tumbled by almost 20pc to less than $60 but the benefit scarcely to be transferred to consumers.

The post OGRA recommends Rs4.5 per litre cut in petroleum prices next month appeared first on ARYNEWS.



from ARYNEWS http://bit.ly/2CWfO0a
Labels:

Comments

Post a Comment

Popular posts from this blog

IT ministry forms panel to review social media rules

ISLAMABAD: While uproar against the new rules to regulate social media continues from various segments of society, including parliamentarians, the Pakistan Federal Union of Journalists (PFUJ) and civil society, the information technology ministry on Friday formed a committee to review the rules. The federal cabinet approved the rules on Feb 11, but later after opposition from various quarters, including companies that manage different social media platforms, the prime minister announced that a fresh consultation process would be launched over the Citizens Protection (Against Online Harm) Rules 2020. The committee formed by the IT ministry is headed by Pakistan Telecommunication Authority Chairman Amir Azeem Bajwa while its members are Eazaz Aslam Dar, additional secretary of IT; Tania Aidrus, member of the Strategic Reforms Imple­mentation Unit, Prime Minister Office; and Dr Arslan Khalid, focal person on digital media at the PM Office. Federal Minister for Human Rights Dr Shireen Ma
Post a Comment
Read more

Young girl’s tragic story makes her symbol of Yemen war

Buthaina Mansur al-Rimi’s life has changed drastically since last year — orphaned in Sanaa, the little girl controversially ended up in Saudi Arabia for medical care and has just returned to Yemen’s capital. Her entire immediate family was wiped out in an air strike by a Saudi-led coalition that backs Yemen’s government, using an explosive device Amnesty International says was made in the US. Images of Buthaina’s rescue and a picture of her swollen and bruised at a hospital trying to force open one of her eyes with her fingers were beamed worldwide. That international fame saw her become something of a propaganda pawn in the war between Yemen’s Iran-backed Huthi rebels and Saudi media. “I was in my mother’s room with my father, sisters, brother and uncle, the first missile hit, and my father went to get us sugar to get over the shock, but then the second missile hit, and then the third,” she says. “And then the house fell,” adds the little girl, who says she is eight. It was the
Post a Comment
Read more