ISLAMABAD: The oil marketing companies announced on Thursday an increase of about four per cent in the prices of petrol and other petroleum products for March, with a total revenue impact of about Rs5 billion.

The decision was taken following consultations among the companies, the petroleum ministry and the Oil and Gas Regulatory Authority (Ogra).

The price of petrol has been increased by Rs3.53 per litre (3.42 per cent) to Rs106.60, that of high speed diesel by Rs4.35 (3.99 per cent) to Rs113.56, kerosene by Rs3.75 (3.76 per cent) to Rs103.69 and light diesel by Rs3.93 (4.2 per cent) to Rs98.25.

The prices of high octane blending component (HOBC) will go up by Rs3.40 to Rs5.40 per litre in various cities because its prices are completely deregulated and outside the government-managed pool of inland freight equalisation margin (IFEM).

An Ogra official said the increase had been calculated on the basis of higher international oil prices, resultant proportionate increase in the impact of 16 per cent general sales tax (GST) and IFEM allowed to Parco refinery for maintaining uniform product prices at depots across the country.

The prices will differ by 10-15 paisa, depending on the distance of retail outlets from main depots.

An official said the increase had been notified after an understanding had been reached between the ministry and Ogra to postpone inclusion of the increased dealers’ commission and marketing companies’ margin on sales.