ISLAMABAD (Commodity Online) : Pakistan on Tuesday increased fuel prices yet again after average global prices surged near $79 a barrel.

The new hikes were announced by Pakistan’s Oil and Gas Regulatory Authority (Ogra) which said petrol prices have been increased by Pak Rs 4.37 to Pak Rs 66 per litre for December.

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Price of high speed diesel (HSD), a deregulated product, rose by Pak Rs 5.73 per litre to Pak Rs 70.52 for December, an increase of 8.84 per cent.

HSD is the most consumed petroleum product in Pakistan and bulk of it is used by the transport sector.

The price of HOBC rose by Pak Rs 4.93 to Pak Rs 80.52, kerosene by Pak Rs 4.76 to Rs Pak Rs 62.63 and light diesel oil by Pak Rs 5.25 to Pak Rs 60.22.

According to the Ogra notification, the impact of oil prices in the international market is passed on to consumers as government taxes are fixed.

Pakistan government charges Pak Rs 10 per litre levy on petrol, Pak Rs 14 on HOBC, Pak Rs 6 on kerosene, Pak Rs 3 on light diesel oil and Pak Rs 8 on HSD.

Under the policy, Ogra is not required to forward a summary to the prime minister for approval.
Oil and Gas Regulatory Authority also increased the price of JP-1 (jet fuel) by Pak Rs 3.89 to Pak Rs 52.26 per litre for domestic air-lines.

The price of JP-1 for foreign airlines and cargo flights has been increased by Pak Rs 3.35 to Pak Rs 41.70 per litre.

The price of JP-4 has been raised by Pak Rs 4.34 to Pak Rs 45.68 per litre and of JP-8 by Pak Rs 3.89 and Pak Rs 3.88 to Pak Rs 54.79 and Pak Rs 51.97 per litre.

Pakistan’s oil refineries have raised the price of furnace oil by Pak Rs 329 per ton to Pak Rs 8,656.

The current price of imported furnace oil up to December 15 is Pak Rs 49,542, an increase of Pak Rs 141.52 per ton.