POL product prices unchanged for June

The rate of petrol, high-speed diesel, light-speed diesel and kerosene oil would be maintained at current rates.

According to the statement, Prime Minister Imran Khan has decided to maintain the prices of petroleum products as they were on May 17th, 2021. 

The government has not increased the prices of petroleum products since 16th April 2021 by adjusting sales tax and petroleum levy so that there is no corresponding increase in the prices of essential items and maximum relief is provided to the common man," the statement read.

The prices with effect from June 1st 2021 onwards will be as follows:

Petrol Rs108.56, High-speed diesel Rs110.76, Kerosene oil Rs80 and Light diesel Rs77.65/litre.

The prices as has become recent practice, may undergo revision before June 15.

Earlier, OGRA also proposed to retain most of the petroleum product prices other than High-speed Diesel which was suggested to increase by Rs4.30 per litre.

The Oil and Gas Regulatory Authority (OGRA) recommended maintaining petrol prices, starting from June 1.

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.

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

Earlier, the government had also decided to not change Petrol prices 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 approximately 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.

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