ISLAMABAD: Federal government has jacked up the rate of petroleum levy (PL) on petrol by 87 percent, ie, all-time high to meet the condition of the IMF, in fortnightly review of petroleum products prices for first half of September 2022.
The Oil and Gas Regulatory Authority (Ogra) notified Rs17.5 per litre hike in rate of PL on petrol with effect from September 1 and denied to pass on relief to public at large though the refined POL products has come down internationally and stable exchange rate.
The rate of PL has increased from Rs20 per litre to Rs37.50 per litre on petrol while general sales tax (GST) has been kept at zero.
Average of Platts with incidentals and duty has come down by Rs14.77 from Rs189.37 per litre in August 16 to Rs174.61 per litre in September 1. The PSO exchange rate adjustment is up by 41 paisas from Rs8.02 per litre in August 16 to Rs8.43 per litre in September 1.
The ex-refinery price is also reduced by Rs14.36 per litre from Rs197.39 per litre on August 16 to Rs183.04 per litre on September 1. The IFEM rates are also down by Rs1.08 per litre from Rs5.84 to Rs4.76 per litre on September 1.
The new price of petrol has been increased from Rs233.91 per litre to Rs235.98 per litre with effect from September 1.
The rate of PL on high-speed diesel (HSD); however, revised downward from Rs10 per litre to Rs7.50 per litre for the current first half of September.
POL products’ prices increased
Average of Platts with incidentals and duty is increased by Rs4.45 per litre from Rs218.55 to Rs223 per litre in September.
The PSO exchange adjustment is also increased by Rs2.24 per litre from Rs3.63 per litre on August 16 to Rs5.87 per litre in September. The ex-refinery price is also increased from Rs222.18 per litre in August to Rs228.87 per litre in September.
The IFEM is reduced by Rs1.05 per litre from Rs1.26 to 21 paisas. The new price of HSD is up by Rs2.99 per litre with effect from September 1.
The PL rates on kerosene oil (KEO) and light diesel oil (LDO) has been kept unchanged at Rs10 per litre on each.
The oil and gas sector regulator has worked out the new prices of petroleum on the last notified PL and GST rates which was Rs20 per litre on petrol and Rs10 per litre each on HSD, KEO, and LDO.
The government has budgeted to meet the target of Rs750 billion PL in the current financial year.
Copyright Business Recorder, 2022