ISLAMABAD: The federal government announced no change in motor spirit (MS) price after increasing the Petroleum Levy (PL) by Rs 1.14 per litre in a fortnightly review for October 16-31.

According to market sources, the actual decrease in ex-refinery of petrol was 0.49 paisa per liter; however, after the adjustments, mainly exchange gain adjustment of 0.62 paisa per litre, the ex-refinery price of petrol decreased by Rs 1.11 per liter.

The current ex-refinery price of petrol is Rs 50.39 per litre, which was set as Rs 51.50 per litre in first 15 days of October. The government increased the rate of PL on petrol from previous Rs27.32 per litre to Rs 28.46 per litre. The decrease in ex-refinery is 0.15 paisa per liter.

However, the government maintained the price by increasing Inland Freight Equalization Margin (IFEM) by 0.13 paisa and other gain/loss by 0.02 paisa. The rate of sale tax is also unchanged as government is charging Rs 15.11 per litre on petrol.

Copyright Business Recorder, 2020