Govt permits Rs9.42 increment in oil cost

ISLAMABAD: The government on Saturday night permitted a gigantic increment in the costs of oil based commodities, raising the cost of oil by Rs9.42 and lamp fuel by Rs7.46 per liter.

The new costs of oil and lamp fuel are Rs108.31 and Rs96.77, separately.

The new cost will become effective from May 5 (today).

Through a late-night warning, the legislature expanded the business charge on engine soul, barring HOBC, by 10pc; fast diesel by 4pc; lamp fuel oil by 9pc and light diesel oil by 8pc.

Already, the rate of offers charge on engine soul was 2pc, 13pc on rapid diesel, 8pc on lamp oil and 9pc on light diesel oil.

The new cost of oil would be Rs108.31 per liter while the cost of rapid diesel has been expanded by Rs4.89 to reach Rs122.32 per liter.

The cost of lamp oil and light diesel has been expanded by Rs7.46 and Rs6 per liter.

On Friday, the Economic Coordination Committee (ECC) of the bureau had affirmed the proposals of the Oil and Gas Regulatory Authority (Ogra) with respect to increment in costs of oil based commodities.

Ogra had recommended that the cost of oil be expanded by Rs14.37 per liter, yet the ECC meeting, led by Adviser to the Prime Minister on Finance Dr Abdul Hafeez Shaikh, endorsed an expansion of Rs9.34 per liter in its cost.

Sources said that a warning regarding the expansion in the costs of oil based commodities was straightforwardly sent to the oil advertising organizations by Ogra.

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