The price of diesel all but touched the Rs100 mark per litre as the government passed on the full impact of international oil prices to the consumer on Saturday. The hike in prices of petroleum products, which will be effective from Sunday, ranged between Rs1.80 and Rs9.32 per litre. The price of high speed diesel (HSD), which is consumed by heavy vehicles and electricity generators, was raised to Rs97.31 � an increase of Rs4.42. The price of HOBC went up by Rs1.80 to Rs99.92 per litre and that of petrol by Rs4.85 to Rs88.41. Kerosene price jumped by Rs5.60 to Rs89.70 and that of light diesel oil (LDO) by Rs9.32 to Rs88.30 per litre. A spokesman for the Oil and Gas Regulatory Authority said the automatic adjustment in oil prices in line with the global prices was in accordance with the law and policy laid down by the government. He said the government could no longer afford to subsidise petroleum products. In comparison with the previous month, the increase in prices of petrol was 5.8 per cent, HSD 4.8 per cent, kerosene 6.7 per cent, LDO 11.8 per cent and HOBC 1.8 per cent. The average price of crude oil in the Gulf market stood at $117 per barrel in April �6.67 per cent higher than average prices during March. The heat of rising fuel prices will be felt by the aviation industry and air force as the jet fuel rates have been increased. But the price of JP-8, the most efficient aviation fuel, has fallen by Rs2.61 per litre to Rs80.05. The JP-8 is consumed by modern fighter jets and advanced helicopters. Pakistan is the key supplier of JP-8 to Nato forces in Afghanistan. The price of JP-1 has been raised by Rs3.49 to Rs86.44 per litre and that of JP-4 by Rs9.82 to Rs86.14 per litre. The increase in oil prices will also cause a rise in receipts for general sales tax (GST). Under the new prices, the GST on petrol will go up by 5.8 per cent, HOBC 1.8 per cent, HSD 4.7 per cent, LDO 11.8 per cent and kerosene 6.6 per cent. The government will, however, continue to charge a levy of Rs3.16 per litre on petrol, Rs0.44 on HSD and Rs6.13 on HOBC. There will be no levy on LDO and kerosene.
By: Dawn News