Title: Govt keeps petroleum prices unchanged
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The federal government has decided to keep oil prices unchanged in a bid to provide relief to the masses.
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— Farrukh Habib (@FarrukhHabibISF) May 17, 2021
“In order to provide relief to the common man, the prime minister [Imran Khan] has decided to maintain the prices of petroleum products as they were on May 1, 2021 and a fortnight before that,” a statement issued by the Finance Division said on Monday.
The implementation of this proposal requires an adjustment in the rates of petroleum levy on all petroleum products and a reduction in sales tax as well regarding kerosene oil and light diesel oil.
The government is not charging any petroleum levy on kerosene and light diesel oil. The cumulative revenue impact of the decision will be Rs2.77 billion, as per the official statement.
The price of petrol has been maintained at Rs108.56 per litre, high-speed diesel Rs110.76 per litre, kerosene oil Rs80 per litre and light diesel oil (LDO) Rs77.65 per litre.
Earlier, the government had reduced oil prices up to Rs2.32 per litre effective from April 16.
The government had reduced the price of HSD by Rs2.32 per litre, petrol by Rs1.79 per litre, kerosene oil by Rs2.06 per litre, and LDO by Rs2.21 per litre. The agriculture and transport sectors widely use HSD.
Therefore, any increase in oil price in Pakistan will have a negative impact on these two sectors. Ogra calculates ex-depot prices of petroleum products keeping in view the rate of petroleum levy and general sales tax.
Published Date: 17-May-2021
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