ISLAMABAD  -  The government on Sunday increased the prices of almost all petroleum products and jacked up petrol by Rs 9.53 per litre for the month of May.

The government has also jacked up General Sales Tax (GST) on petrol from 1.94 percent to 12 percent and petroleum levy from Rs 8.95 per litre to Rs 14 per litre.

The price of High Speed Diesel was also increased by Rs 4.89 per litre. Although the new prices were not formally announced by the Finance Division, however, the FBR has updated its website regarding the changes in GST rate on petroleum products and the new prices were conveyed to the Oil Marketing Companies (OMCs) only. The price of kerosene oil was increased by Rs 7.46 per litre while LDO is increased Rs 6.40.

It is pertinent to mention here that the federal cabinet last week had moved the matter of petroleum prices to the ECC after Oil and Gas Regulatory Authority (OGRA) had recommended an increase of up to Rs. 14.37 per litre in the price of different petroleum products.

The ECC had last week proposed to increase the prices of petrol Rs9.53 per litre for the month of May. The ECC has recommended an increase of Rs4.89 per litre (4.16 percent) in the price of high speed diesel (HSD), kerosene oil by Rs 7.46 per litre (8.35 percent) and light diesel oil by Rs6.40 per litre (7.95 percent). After the decision of Rs 9.53 per litre increase, the price of motor spirit will go up to Rs 108.42 from Rs 98.89 per litre. Similarly, with the increase of Rs 4.89 per litre the HSD price would go up from the existing 117.43 per litre to Rs122.32 per litre.

After the increase of Rs 7.46 per litre the new price of kerosene oil price would increase from 89.31 per litre to Rs96.77 per litre. With the increase of Rs6.40 per litre in LDO the rates increased from Rs 80.54 per litre to Rs 86.94 per litre.

The GST on petrol was increased from 1.94 percent to 12 percent, GST on HSD was increased from 13.51 percent to 17 percent, on kerosene oil it was increased from 8 percent to 17 percent while on LDO it was increased from 9 percent to 17 percent.

The government has also increased petroleum levy on petrol and HSD. Petroleum levy on petrol was increased from Rs 8.95 per litre to Rs 14 per litre. Similarly, petroleum levy on HSD was increased from Rs 13.58 per litre to Rs 18 per litre.

It is also worth to mention here that the ex-refinery price of the HSD is Rs 79.85 per litre while the charges of Rs 42.47 on account of  petroleum levy, GST, IFEM, distribution margin, dealer commission and ex-installation prices are being added which takes the end consumer price to Rs 122.32 per litre.

Similarly, the ex-refinery price of moto gasoline is Rs 73.40 and it includes Rs 35.02 on the account of petroleum levy, GST, IFEM, distribution margin, dealer commission and ex-installation prices are being added which take the end consumer price to Rs 108.42 per litre.