The Economic Coordination Committee, ECC approved a Rs. 9 petrol price increase on Friday. Previously, Oil and Gas Regulatory Authority OGRA suggested to hike petrol prices by Rs. 14.
It will be sold at Rs. 108 after the Federal Government approves it on Tuesday.
Diesel prices, approved are more likely to increase by Rs. 4.
The Economic Coordination Committee noticed that upon maintaining the Petrol price to Rs. 100 per liter, the Government would be giving a subsidy of Rs. 5.03 per liter.
The Finance Minister informed the ECC that the loss of revenue would reach to Rs. 5 Billion only in the month of May.
The ECC decision has been forwarded to the Federal Cabinet for a final verdict.
On Friday, the Government submitted a detailed briefing about the tax collection of the petroleum products in the country.
During the discussion, it was mentioned that the Government is receiving Rs. 26.50 per liter tax on the petrol and also an additional Rs. 9.84 on its distribution and cost.
It was also discussed in the documents that the Government is also receiving Rs. 39.96 on high-speed diesel. And Government imposed a total of Rs. 7.21 taxes on the distribution and transport of the high-speed diesel.
Government is receiving a total tax of Rs. 15.86 per liter on Kerosine and for the distribution and transport, Rs. 15.86 is received.
For the light-speed diesel, Pakistani Government is receiving a total tax of Rs 11.72 and Rs. 2.38 per liter for the distribution and transportation costs.
The buying and selling along with the retail prices of the petroleum products were also briefed in the Senate meeting.
Petrol: Government Buying Rs. 62.55 per liter Selling: Rs 98.89 per liter
Diesel: Government Buying: Rs. 70.26 per liter Selling: Rs. 170.43 per liter
Kerosine Oil: Government Buying: Rs. 69.95 per liter Selling: Rs. 89.31 per liter
Light Speed Diesel: Government Buying: Ts. 66.44 per liter Selling: Rs. 80.54 per liter