Islamabad: The government on Saturday increased the prices of petrol and high-speed diesel by Rs2.5 and Rs1.75 per litre respectively for the month of November and kept the prices of Kerosene oil, light diesel oil and High Octane Blending Component (HOBC) unchanged.

 Petrol price has increased to Rs76.26 per litre for the current month from Rs73.76 per litre. Similarly, High Speed Diesel (HSD) price has now gone upto Rs83.79 per litre from Rs82.04 per litre. Meanwhile prices of Kerosene oil, Light Diesel Oil and High Octane Blending Component (HOBC) remained unchanged at Rs57.11 per litre, Rs53.59 per litre and Rs79.79 per litre respectively.

 Finance Minister Ishaq Dar told the media that government has not increased the prices of petroleum products as proposed by Oil and Gas Regulatory Authority. The OGRA has recommended increasing petrol price by Rs5.28 per litre, high-speed oil by Rs3.34 per litre, HOBC by Rs5.73 per litre, kerosene oil by Rs3.89 per litre and light diesel oil by Rs2.70 per litre for the month of November. However, the government has only approved increase of 2.5 rupees and 1.75 rupees in prices of petrol and Hi-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 reduced General Sales Tax on these oil products. Sales Tax on kerosene oil has reduced to 22 percent from 30 percent. Sales tax on HOBC decreased to 16.5 percent from 24 percent and GST on Light diesel oil reduced to 24 percent from 29.5 percent.

 Similarly, the government has also decreased the GST on petrol from 26 to 22 percent and on Hi-Speed diesel it has reduced to 47.5 percent from 50 percent.

 Ishaq Dar said that government has not increased the prices of kerosene oil, as its demand went up during winter season. The government would face revenue loss of Rs34 million by keeping the prices of Kerosene oil, light speed oil and High Octane Blending Component (HOBC) unchanged for November. The government had faced revenue shortfall of Rs100 billion during previous financial year due to the reducing in oil and food prices in international market, he added.

 Finance Minister said it has also been decided to extend time for filing of tax returns for one month and now the new date for this purpose will be 30th of the next month.