ISLAMABAD: The federal government Saturday announced that the prices of petroleum products will be maintained at the current rate by adjusting the petroleum levy (PL) rates for the next fortnight with effect from October 16 till 31st.

Federal Minister for Finance and Revenue, Ishaq Dar, who is currently in Washington to attend the annual meetings of the International Monetary Fund (IMF) and World Bank, announced the development via a video message.

Rejecting the Oil and Gas Regulatory Authority (Ogra) recommendations to decrease petrol price and increase high speed diesel (HSD), kerosene oil (SKO) and light diesel oil (LDO) prices, he said government has decided to keep the prices at existing level.

Based on existing petroleum levy (PL) rates as well as budgeted PL and applicable general sale tax rates, Ogra recommended the federal government to decrease the petrol price by Rs 14.84 per litre from Rs 224.80 to Rs 209.96 per litre. However, the regulator worked out increase in prices of HSD by Rs 5.44 per litre, SKO by Rs 6.04 per litre and LDO by Rs 8.41 per litre.

The prices of petroleum products have been fluctuating internationally and exchange rate is also affecting the prices substantially, however, government opted to provide utmost relief to the consumers

The government has raised the PL on petrol by Rs 14.84 per litre from Rs 32. 42 To Rs 47.26 per litre instead of passing the reduction to consumers. The PL rate on HSD has been reduced by Rs 5.44 per litre from Rs 12.58 to Rs 7.14 per litre. The PL rates on SKO have also reduced by Rs 6.04 per litre to Rs 8.96 from Rs 15.00 per litre. The PL rates on LDO has also been reduced by Rs 8.41 per litre to Rs 1.59 per from Rs 10 per litre.

Copyright Business Recorder, 2022