Slight change in petroleum prices recommended

According to GNN, OGRA has proposed to retain most of the petroleum product prices other than High-speed Diesel which is suggested to increase by Rs4.30 per litre.

In this respect, the authority has sent a summary to the Petroleum Division, seeking revision of fuel prices for the next 15 days starting June 1.

Price of petrol, light-speed diesel are kerosene oil is recommended to be maintained at current rates.

The final decision regarding the prices of petroleum products will be taken by Finance Ministry in consultation with Prime Minister Imran Khan.

It is expected to be announced tomorrow (Monday) evening.

Earlier, the government has decided to not change Petrol prices for the next 13 days till May 31.

It is important to mention that PM Imran Khan had not increased POL product prices in April and May despite an increase in the rates internationally, and due to that, the national exchequer suffered a loss of Rs4.8 billion.

Earlier, a notification implying sales tax reduction on petroleum products was issued by the Federal Board of Revenue (FBR). According to the notification by FBR, the new sales tax on kerosene oil is reduced to 15.44 per cent from 17 per cent.

The sales tax on light diesel has been brought down to 7.56 per cent which was 17 per cent previously. The FBR added in the notification that the 17 per cent sales tax on petrol and high-octane petrol is retained.

The implementation of the new sales tax prices was applicable from May 1.

According to government officials, the reduction in the sales tax was made to maintain the current prices of petroleum.