New prices of petroleum products to be determined on May 17

As the prices of petroleum products remained unchanged in the month of Ramadan, a spokesperson for the Oil and Gas Regulatory Authority (OGRA) said on Saturday that new prices of petroleum products will be decided on May 17.

Due to the Eid holidays and May 8-16 curbs, it was decided that the new prices of the petroleum products will be determined on May 17 (Monday).

Government Decides To Maintain Sales Tax On Petroleum Products

The government had earlier decided on 10th May to maintain the sales tax rate on petrol and high-speed diesel.

According to the notification issued by the government, the sales tax rate on petrol and diesel will remain at 17%.

The notification said that the sales tax rate on kerosene has been reduced from 17% to 15.44% while the sales tax rate on light diesel has been reduced from 17% to 7.56%.

Earlier, Prime Minister Imran Khan had decided that the price of petroleum products would not be increased. The OGRA summary recommended an increase of Rs. 5 to 10.

The Prime Minister rejected it and decided to maintain the April 16 prices.

According to the notification issued by the Finance Ministry, the price of petrol has been fixed at Rs 108.56 per litre, high-speed diesel at Rs 110.76 per litre, kerosene at Rs 80 per litre and light diesel at Rs 77.65 per litre.

The government is bearing the burden of Rs 4.8 billion by maintaining prices.

It should be noted that on April 1, the federal government had reduced the price of petrol by Rs 1.5.

According to the notification issued by the Finance Ministry, petrol was reduced by Rs 1.55 per litre for the next 15 days, diesel by Rs 3 per litre and kerosene by Rs 55 per litre. Similarly, the price of light diesel oil has been reduced by Rs. 1, 56 paise per litre.

According to the Finance Ministry, the new price of petrol has been fixed at Rs 110.35 per litre, diesel at Rs 113.8 per litre, light diesel at Rs 79.86 per litre and kerosene at Rs 82.06 per litre.

It may be recalled that since February 15, Prime Minister Imran Khan had repeatedly rejected summaries and decided to maintain prices. On February 15, Prime Minister Imran Khan rejected a proposal to increase the prices of petroleum products.

OGRA had proposed an increase of Rs 14.07 per litre in petrol and Rs 13.61 per litre in high-speed diesel. Kerosene was recommended at Rs 10.79. OGRA had proposed an increase of Rs 7.43 in the price of light diesel.

Prime Minister Imran Khan said that the government would go to any lengths to provide relief to the people.

On February 28, Prime Minister Imran Khan once again announced that prices would be maintained.

Dr Shahbaz Gill, Special Assistant to Prime Minister Imran Khan, said in a statement on social networking site Twitter that OGRA had proposed to increase the price of petroleum products by about Rs 6-7 per litre.

Prime Minister Imran Khan did not approve the proposal. There was no increase in the prices of petroleum products. Despite the continuous rise in the prices of petroleum products in the world market, the Prime Minister did not allow it.

On March 15, the government once again decided to keep the price of petrol stable.

A statement issued by the finance ministry said the government was not raising petrol and high-speed diesel prices but would increase the price of kerosene by Rs 3.42 per litre and light diesel by Rs 2.19 per litre.

It may be recalled that during the first two and a half months of this year, the government has increased the price of petroleum products five times in a row. In the same period, petrol was earlier priced at Rs 11.21 per litre.

During the first two and a half months of this year, high-speed diesel was priced at Rs 14.64 per litre.

In the same period, kerosene price was increased by Rs 14.90 per litre. In two and a half months, light diesel was priced at Rs 16.37 per litre.

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