ISLAMABAD: The federal government will certainly change rates of oil products on Wednesday (today).
The rates might be raised by as much as Rs10.5 per litre for the following fortnight if the computations of the Oil & Gas Regulatory Authority (Ogra) are accepted by the federal government. However, an elderly main told Dawn that the government may hand down a partial influence of increase in imported cost and also rupee devaluation to avoid inflationary pressure.
A final decision would be announced by the ministry of financing after assessments with the prime minister.
Oil Department resources claimed the working paper on the rates of oil items from Ogra had actually been obtained. The functioning paper is based on existing petroleum levy and also general sales tax rates and also import parity cost.
According to the working paper, the regulator has actually determined Re1 per litre increase in the ex-depot cost of gasoline and also concerning Rs10.5 per litre walking in the ex-depot rate of broadband diesel (HSD).
Similarly, the ex-depot rate of light diesel and kerosene has been computed to increase by Rs5.50 per litre each. These rises have been exercised due to a little higher global oil costs as well as mainly due to deteriorated exchange rate over the past 15 days.
Gas and HSD are both items that generate a lot of the profits for the federal government due to their huge and also yet expanding usage in the country. Ordinary fuel sales are touching 750,000 tonnes monthly against the monthly consumption of around 800,000 tonnes of HSD. The sales of kerosene as well as light diesel oil are normally less than 11,000 and also 2,000 tonnes per month, specifically.
Under the changed system, oil costs are changed by the government fortnightly to hand down global rates released in Platt’s Oilgram instead of previous mechanism of regular monthly calculations on the basis of import expense of Pakistan State Oil.