OGRA recommends Rs8 hike in petrol price

ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) on Wednesday sent a summary to the power division suggesting increase in various petroleum products effective from June 1.

OGRA recommended hike of Rs8.37 per litre in petrol prices, while an increase of Rs12.5 per litre in diesel prices is recommended.

The authority also recommended an increase of Rs8.30 and Rs11.65 in kerosene oil and diesel oil, respectively.

Taxes levied on petroleum when prices decrease globally: CJP

During a hearing CJP sought explanation over increase in taxes on petroleum products by relevant authorities

The government in the budget for fiscal 2018-19 recommended an increase of nearly 200% in petroleum levy.

According to experts, the increase is feared to cause a rapid rise in inflation.

Under the Finance Bill 2018, tax on diesel, petroleum, crude oil and high-octane fuel would be increased from Rs10 per litre to Rs30. The same increase would be imposed on the levy of light speed diesel and gasoline, while levy on local liquefied petroleum gas could go up by 328%.