Ogra recommendations about petroleum prices keep people guessing,
Islamabad_Federal Finance Minister Ishaq Dar announced to slash petrol price by Rs5 per litre for next fortnight.
According to the 24News HD TV channel, Ishaq Dar made this announcement in a news conference held here in Islamabad on Tuesday late at night.
The finance minister also announced that the prices of diesel will not change and trade at the current price for the next fortnight is Rs280 per litre.
Ishaq Dar said the price of petrol has been reduced by Rs5 per litre and the new price of it is Rs267 per litre.
He announced that the light diesel has been reduced by Rs12 per litre and kerosene by Rs15 per litre and the new price of light diesel oil is Rs184.68 per litre and kerosene Rs187.73 per litre respectively.
Finance Minister Ishaq Dar told the briefing that the price of diesel will remain at Rs280,
Earlier,
The Oil and Gas Regulatory Authority (Ogra) has recommended the government an increase in the prices of petroleum.
A summary to the effect has been sent to the federal government.
Sources told Dunya News that the authority had sent two proposals to the government regarding the petroleum products prices. As per the first proposal, it has been proposed to impose GST on petroleum products prices following the IMF conditions.
The Ogra has proposed levy of 2 to 5 per cent per litre on petrol and diesel. A proposal to levy Rs5-10 per litre on diesel has also been sent to the federal government.
Imposing 2% GST, the petrol price could be increased up to Rs5.44, and if 5pc GST is imposed, the price of petrol could go up by Rs13.6. A proposal for an increase of Rs15 per litre has been sent to the federal government.
Sources said the OGRA had also advised to maintain the prices of petroleum products for next fortnight as crude oil prices had witnessed a decline in the global markets. In the second summary, it suggested that the prices could also be maintained by levying taxes commensurate with global markets.
The final decision regarding the prices of petroleum products would be taken by the finance minister after consultation with the prime minister.
