ISLAMABAD: The government on Friday upped the price of three major petroleum products by five per cent effective from today (Saturday). The maximum increase has been made in the price of petrol, which is Rs 4.15 per liter, while the price of High Octane Blending Component (HOBC) has been increased by Rs 2.72 per liter in line with increase in global oil prices. Though price of High Speed Diesel (HSD) has declined by Rs 0.62 per liter internationally, the government has increased its price by Rs 1.51 per liter to hike rate of Petroleum Levy to earn revenue. After recent increase, the price of HSD has been increased from Rs 92.65 to Rs 94.16 per liter, HOBC from Rs 109.93 to Rs 112.65 per liter and petrol from 84.80 to Rs 88.95 per liter.
The government has kept prices of Light Diesel Oil (LDO) and kerosene oil unchanged for month of October at Rs 83.52 per liter and Rs 86.82 per liter respectively. The average price of Global Crude Oil (GCO) has increased by two per cent to $108 per barrel during September against $106 per barrel. The rupee weakened to stand at Rs87.52 against Rs86.7 in the preceding month. The federal government has already deregulated the prices of petroleum products of MS, HOBC, LDO, JP-1, JP-4 and JP-8 effective from June 1 and refineries and Oil Marketing Companies (OMCs) were allowed to fix and announce their ex-refinery price and ex-depot prices of these products on monthly basis keeping in view import parity price. – Dailytimes