ISLAMABAD:
The Oil and Gas Regulatory Authority (OGRA) on Thursday conveyed a 15 percent increase in price of petroleum and 7.3pc cut in high-speed diesel (HSD) for March.
According to a working paper submitted to the government, Ogra recommended Rs5.59 per litre (7.95pc) increase in the ex-depot price of petrol from Rs70.29 to Rs75.88. But it proposed a reduction of Rs5.49 per litre (7.30pc) in HSD price from Rs80.61 to Rs75.12.
Ogra sought to raise the price of High Octane Blending Component (HOBC) by Rs12.92 per litre (15.71pc) to Rs92.93 from Rs80.31; kerosene by Rs7.32 (11.91pc) to Rs68.76 from Rs61.44 and light diesel oil (LDO) by Rs5.50 (9.49pc) to Rs63.44 from Rs57.94.
An Ogra official stated that the authority had worked out the price adjustment on the basis of 27pc GST on the instructions of the finance minister.
He claimed that the government had the power to increase or decrease tax rates, further adding they might provide relief to people depending on the political situation.
