CALCULATION OF OIL PRICES IN PAKISTAN
OCAC, which was formed by the present government to fix the price of oil every fortnight, has been doing great injustice to the Pakistani consumer and it is time people raise their voice against its calculation mechanism. OCAC's oil price calculation is presented to baffle consumers in a maze of technical jargon so as to divert attention form the real issue of fixing a fair price of petrol for consumers who do not have recourse to company or government paid fuel Unfortunately OCAC only represents oil companies whose main aim is accumulation of profits to fill their coffers at the consumers expense.
The following information has been gathered from Plats Oil Gram Scan Report, which OCAC says it uses to fix prices every fortnight. On behalf of the consumer we have calculated the price so you don't have to be a technical expert to understand it. We have accepted OCAC's price on Sept 5 of $56 per barrel and other inputs as laid down by OCAC.
Barrel = 42 gallons = 159 litres
Price of 1 barrel of crude oil in Rs = $ 56 x Rs 60 = Rs3360
Freight Premium = $2.16 x Rs60 = Rs129.6
Handling, Bank & LC charges & Marine Insurance @ 0.9% = Rs302.
Wharfage charges @ 3.85% = Rs129.36
Oil Companies Margin @ 3.5% = Rs117.6
Price of 1 barrel of oil = Rs3360 + 129.6 + 302 + 129.36 + 117.6 = Rs4038.56
Refining Cost @ 10% = Rs404
Price of 1 barrel of refined petrol = Rs4442.56
Hence price of 1 litre of petrol = 4442.56/159 = Rs27.94 per litre
Excise duty @ Rs0.88 per litre
Add 15% GST = Rs4.20 per litre
Dealers Commission @ 4.0% = 0.3 paisa per litre
Price per litre of petrol = Rs27.94 + Rs0.88 + Rs4.20 + 0.13 ps = Rs.33.15
The government is still pocketing Rs20 per litre of petrol in addition to excise duty of Rs0.88 per litre and General Sales Tax @ 15%.
Good Governance therefore demands that in all fairness to the consumer the President and Prime Minister should appoint members from the public on the committee to balance things out.
Overseas_Pakistanis
The following information has been gathered from Plats Oil Gram Scan Report, which OCAC says it uses to fix prices every fortnight. On behalf of the consumer we have calculated the price so you don't have to be a technical expert to understand it. We have accepted OCAC's price on Sept 5 of $56 per barrel and other inputs as laid down by OCAC.
Barrel = 42 gallons = 159 litres
Price of 1 barrel of crude oil in Rs = $ 56 x Rs 60 = Rs3360
Freight Premium = $2.16 x Rs60 = Rs129.6
Handling, Bank & LC charges & Marine Insurance @ 0.9% = Rs302.
Wharfage charges @ 3.85% = Rs129.36
Oil Companies Margin @ 3.5% = Rs117.6
Price of 1 barrel of oil = Rs3360 + 129.6 + 302 + 129.36 + 117.6 = Rs4038.56
Refining Cost @ 10% = Rs404
Price of 1 barrel of refined petrol = Rs4442.56
Hence price of 1 litre of petrol = 4442.56/159 = Rs27.94 per litre
Excise duty @ Rs0.88 per litre
Add 15% GST = Rs4.20 per litre
Dealers Commission @ 4.0% = 0.3 paisa per litre
Price per litre of petrol = Rs27.94 + Rs0.88 + Rs4.20 + 0.13 ps = Rs.33.15
The government is still pocketing Rs20 per litre of petrol in addition to excise duty of Rs0.88 per litre and General Sales Tax @ 15%.
Good Governance therefore demands that in all fairness to the consumer the President and Prime Minister should appoint members from the public on the committee to balance things out.
Overseas_Pakistanis
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