ISLAMABAD - The government yesterday increased the prices of petrol and high-speed diesel by Rs 2.5 and Rs 1.75 per litre, respectively, for the month of November, keeping the rates of kerosene oil, light diesel oil and high octane blending component (HOBC) unchanged.

The petrol price which was Rs 73.76 per litre will be Rs 76.26 per litre for the current month. Similarly, the price of high speed diesel rose to Rs 83.79 per litre from Rs 82.04 per litre.

Meanwhile, prices of kerosene oil, light diesel oil and high octane blending component (HOBC) remained unchanged at Rs 57.11 per litre, Rs 53.59 per litre and Rs 79.79 per litre, respectively.

Finance Minister Ishaq Dar told media persons that the government had not increased the prices of petroleum products as proposed by Oil and Gas Regulatory Authority. “The Ogra had recommended increase in petrol price by Rs 5.28 per litre, high-speed oil by Rs 3.34 per litre, HOBC by Rs 5.73 per litre, kerosene oil by Rs 3.89 per litre and light diesel oil by Rs 2.70 per litre for the month of November. But the government only approved increase of Rs 2.5 and Rs 1.75 in the prices of petrol and high-speed diesel from today (Sunday),” he added.

The government has not enhanced the prices of Kerosene oil, light diesel oil and high octane blending component (HOBC) because it had reduced general sales tax on these oil products. Sales tax on kerosene oil had been reduced to 22 percent from 30 percent. Sales tax on HOBC had been decreased to 16.5 percent from 24 percent and on light diesel oil from 29.5 percent to 24 percent.

Similarly, the government had also decreased GST on petrol from 26 to 22 percent and on high speed diesel from 50 percent to 47.5 percent.

Ishaq Dar said the government had not increased the prices of kerosene oil as its demand was rising during the winter season. The government would face revenue loss of Rs 34 million by keeping the prices of Kerosene oil, light speed oil and high octane blending component (HOBC) unchanged for November, he said. The government had faced revenue shortfall of Rs 100 billion during the previous financial year due to reduction in oil and food prices in the international market, he added.

The finance minister said it had also been decided to extend time for filing tax returns for one month and the new date for this purpose would be 30th of the next month.