On Thursday, the federal government, through a notification issued by the Ministry of Finance, announced an increase of Re1 in the price of gasoline for the month of November.
The price of gasoline increased from Rs113.24 to Rs114.24 per liter, according to the recommendations of the Oil and Gas Regulatory Authority (OGRA).
The price of high-speed diesel (HSD) increased by Rs0.27 per liter, as it went from Rs127.14 per liter to Rs127.41 per liter.
Kerosene and light diesel (LDO) prices registered a reduction of Rs2.39 and Rs6.56, respectively. Kerosene, this month, will be priced at Rs97.18 and light diesel at Rs85.33.
A day earlier, an OGRA official had said that the government will lose only around Rs650 million if it keeps prices virtually unchanged for next month, but will gain much goodwill at a time when opposition parties are organizing large demonstrations. of protest
The government has begun to increase oil tax rates to partially compensate for an income deficit of more than Rs113 billion faced by the Federal Revenue Board in the first quarter of the current fiscal year.
The collection remains in the federal kitten unlike the GST that goes to the divisible group, of which approximately 57 percent is captured by the provinces.
Gasoline and HSD are the products that generate much of the revenue for the government due to its massive but growing consumption in the country. Around 800,000 tons of HSD are sold every month in the country against a monthly consumption of around 700,000 tons of gasoline. Kerosene and LDO oil sales are generally less than 10,000 tons per month.
Source: https://www.dawn.com/news/1514044/govt-increases-petrol-price-by-re1-for-november