The government has decided not to increase the petroleum prices for next month and the existing prices of petroleum products will remain unchanged till August 31, 2016. Finance Minister Ishaq Dar addressing a press conference Saturday said that the Oil and Gas Regulatory Authority (OGRA) has recommended increase in petroleum prices but on the directives of Prime Minister Nawaz Sharif the OGRA summary has been rejected and the prices of petroleum products will not be increased.
He said that current price will remain unchanged till next month. The Minister also tried to dispel the impression of higher levies on petroleum products and claimed that sales tax and petroleum levy are either at the 2013 level or are relatively lower to 2013.
The Finance Minister stated sales tax and levy on per liter petrol was Rs 24.70 (Rs 14.70 sale tax and Rs 10 per levy) in March 2013 while presently it is Rs 17.53 per liter (Rs 9.34 sale tax and Rs 8.19 levy), lower by Rs 7 as compared to March 2013. He said that taxes on high speed diesel are at the same level of March 2015 while sale tax and petroleum levy on kerosene oil were Rs 20.30 in 2013 with Rs 14.30 sale tax and Rs 6 petroleum levy and today government is charging only Rs 5.15 per liter both sale tax and levy on kerosene oil.
Finance Minister stated that sale tax and petroleum levy on HOBC was Rs 19.32 per liter in 2013 and at present is Rs 10.36 per liter About the withholding tax on banking transactions for non filers, Finance Minister stated that 0.4 per cent withholding tax would continue for the month of August 2016. "I have given anticipatory approval for the continuance of 0.4 percent withholding tax and next Economic Co-ordination Committee (ECC) of the Cabinet meeting would give its approval," he maintained.
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