On the recommendation of Oil and Gas Regulatory Authority (OGRA), finance division has approved new prices of petroleum products with effect from Sunday July 01.
According to a statement issued by the finance ministry late Saturday, OGRA had proposed increase in the price of Petrol by Rs. 7.54 per litre, HSD by Rs. 14.00 per litre, SKO by Rs 3.36 per litre and LDO by Rs. 5.92 per litre.
Due to tight fiscal position, the government decided to pass on the full impact of the increase to the consumers, it added.
The increase in the petroleum prices is caused due to increase in petroleum prices in international market and depreciation of Pak Rupee against US Dollar.
The financial impact of the above dispensation will be implemented through revision of Sales Tax Rates and Petroleum Development Levy.
New price of Motor Spirit (MS) 92 RON Petrol will be Rs 99.5 per litre, while that of High Speed Diesel will be Rs 119.31.
Similarly, per litre price of Kerosene Oil and Light Diesel Oil will be Rs 87.7 and Rs 80.9.