The government has increased the prices of petroleum products further, due to the ongoing Middle East crisis.
According to details surfaced on Sunday, the price of jet fuel used in aircraft has been raised by 13 per cent. Jet fuel has become dearer by Rs45.73 per litre, taking the new price to Rs388.01 per litre. Airfares across the country may rise further.
Light diesel oil has also witnessed an increase of 22 per cent. After a rise of Rs67.42 per litre, the new price of light diesel oil has been fixed at Rs302.52 per litre.
Kerosene oil has also become dearer by Rs39.20 per litre. The new price of kerosene has been fixed at Rs358.01 per litre. Earlier, kerosene was priced at Rs318.81 per litre.
Earlier, the federal government decided to maintain the petroleum levy on petrol and diesel. The levy on petrol will remain at Rs105.37 per litre, while the levy on diesel will remain at Rs55.24 per litre.
According to the Ministry of Energy, the federal government will pay a subsidy of Rs23 billion by keeping petrol and diesel prices unchanged. The amount will be paid to oil marketing companies under price differential claims. The subsidy of Rs23 billion will be paid for the period from March 14 to March 20.
A subsidy of Rs49.63 per litre will be paid on petrol, while Rs75.05 per litre will be paid on diesel. According to the Ministry of Energy, price differential claims amounting to Rs23 billion will be paid through OGRA. Approval has also been obtained from the cabinet for the establishment of the “Prime Minister’s Austerity Fund”.
The Economic Coordination Committee has approved the transfer of Rs27.10 billion to this fund. Of this amount, Rs23 billion will be transferred to OGRA for the stated purpose.
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