Tag: petroleum prices

Pakistan raises petrol price to record high at Rs160/liter

ISLAMABAD: Pakistan on Tuesday sharply increased the price of petrol to a new record high level at around Rs160 per liter in the wake of surge in international oil prices.

According to a statement issued by the Finance Division, the government has announced a massive increase in all the petroleum products effective from February 16, 2022.

READ MORE; Petroleum prices kept unchanged for next fortnight

The government increased the rate of petrol by Rs12.03 to Rs159.86 from Rs147.83. The rate of high speed diesel has been enhanced by Rs9.53 to Rs154.15 from Rs144.62. The government increased the price of kerosene oil by Rs10.08 to Rs126.56 from Rs116.48. Similarly, the rate of light diesel oil has been increased b Rs9.43 to Rs123.97 from Rs114.54.

READ MORE: Pakistan’s petrol price rises to record high at Rs147.83

The finance division in the press release said that the price of petroleum products were showing drastic increase in the international markets and presently are at the highest level since 2014.

“Despite the unabated increase since the beginning of the year, Prime Minister Imran Khan deferred the last review of petroleum products prices on January 31, 2022 and advised against the summary of Oil and Gas Regulatory Authority (OGRA).”

READ MORE: Prices of all POL products increased to wish New Year

In order to provide utmost relief to the consumers, the government levied zero per cent sales tax and reduced petroleum levy rate against the budgeted targets.

Resultantly, the government is bearing the revenue loss of Rs35 billion (fortnightly) on account of budgeted to existing petroleum levy and sales tax rates.

READ MORE: Petrol price reduces to Rs140.82 per liter

The finance division said that in the fortnightly review of petroleum products prices, the Prime Minister has considered the recommendations to increase the prices of petroleum products in line with change in the international oil prices. “Despite the increase in the prices of petroleum products, petroleum levy and sales tax have been kept to the minimum,” it added.

February 15, 2022
Petroleum prices kept unchanged for next fortnight

ISLAMABAD: The government has kept the prices of petroleum products unchanged for next fortnight on Monday after Prime Minister Imran Khan rejected the proposals to hike the POL prices.

Prime Minister Imran Khan Monday rejected proposals to increase the petrol price by Rs 10 per liter and diesel by Rs 14, in the national interest.

READ MORE: Pakistan’s petrol price rises to record high at Rs147.83

The prime minister said that government would bear the burden of the price hike this time to protect the people from the additional economic burden.

READ MORE: Prices of all POL products increased to wish New Year

As the government was striving to avert the burden of inflation from the people, therefore the prime minister deferred the Energy Ministry’s summary despite the fact that the oil prices were increasing worldwide owing to the swelling global inflation.

Following the decision, the prices of petroleum products will be maintained at: petrol Rs147.83 per liter; high speed diesel (HSD) Rs144.62 per liter; kerosene Rs116.48 per liter; and light diesel oil at Rs114.54 per liter.

READ MORE: Petrol price reduces to Rs140.82 per liter

A statement issued by the Finance Division stated that the petroleum products are showing substantial increase in the international market and presently trading at highest level since 2014. The oil prices have witnessed an increase of 14.5% just in last month in the global market.

The existing Sales Tax rate and Petroleum Levy on various petroleum products are much below the budgeted targets. The Government is bearing the revenue loss of around Rs.30 billion (fortnightly) on account of budgeted to existing PL and ST rates and Rs. 260 billion annually due to reduced ST rate.

READ MORE: Govt. keeps petroleum prices unchanged

Despite revenue losses due to rising petroleum prices globally, the Prime Minister of Pakistan has deferred the proposal by OGRA to increase up to Rs. 16.79/Litre in the petroleum product prices and desired that petroleum product prices shall remain the same from 1st February, 2020 as notified earlier on 15th January, 2022 for providing maximum relief to the general public. The Prime Minister has further desired to keep the prices at the same level through adjustments in Sales Tax, if required.

January 31, 2022
FBR slashes sales tax rates on petrol, HSD

ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday slashed sales tax rates on petrol and high speed diesel (HSD) in order to reduce the impact of high oil prices at consumer end.

The FBR issued SRO 88(I)/2022 dated January 18, 2022 to notify changes the sales tax rates on supply of petroleum products.

The sales tax on supply of petrol has been reduced to 2.5 per cent ad valorem from 4.77 per cent. Similarly, the rate of sales tax on supply of high speed diesel has been reduced to 5.44 per cent from 9.08 per cent.

The FBR kept unchanged the sales tax rates on kerosene and light diesel oil at 8.30 per cent and 2.70 per cent, respectively.

The revenue body previously issued SRO 01(I)/2022 dated January 3, 2022 to change the rate of sales tax on petroleum products.

Earlier on January 15, 2022, the government announced to increase prices of all petroleum products for next fortnight.

READ MORE: Pakistan’s petrol price rises to record high at Rs147.83

According to the notification, the price of petrol has been increased by Rs3.01 to Rs147.83 per liter from Rs144.82.

The price of high speed diesel (HSD) has been increased by Rs3 to rs144.62 per liter from Rs141.62.

The rate of kerosene has been enhanced by Rs3 to Rs116.48 per liter from Rs113.48.

The price of light diesel oil has been increased by Rs 3.33 toRs114.54 per liter from Rs111.21.

According to a notification issued by the Finance Division on January 15, 2022, the decision to enhance domestic prices of petroleum products because the international oil price had registered 6.2 per cent during the last week. Presently, at the highest level since last year.

READ MORE: Prices of all POL products increased to wish New Year

The existing sales tax rate and petroleum levy on various petroleum products are much below the budgeted targets.

The finance ministry said that against the recommendations of Oil and Gas Regulatory Authority (OGRA) for increase of Rs5.52 per liter in petrol and Rs6.19/liter in high speed diesel prices, the Prime Minister had directed to absorb at the international prices through further cut in sales tax from last fortnight.

“The finance ministry will take Rs2.6 billion revenue hit due to reduced sales tax rates,” it added.

Therefore, the government has decided to make partial increase in the prices of the petroleum products in order to provide relief to the end consumers.

January 18, 2022
Pakistan’s petrol price rises to record high at Rs147.83

ISLAMABAD: The petrol price in Pakistan has been increased to a record high of Rs147.83 per liter, said a statement issued by the finance ministry on Saturday.

The government announced to increase prices of all petroleum products with effect from January 16, 2022.

READ MORE: Prices of all POL products increased to wish New Year

According to the notification, the price of petrol has been increased by Rs3.01 to Rs147.83 per liter from Rs144.82.

The price of high speed diesel (HSD) has been increased by Rs3 to rs144.62 per liter from Rs141.62.

The rate of kerosene has been enhanced by Rs3 to Rs116.48 per liter from Rs113.48.

READ MORE: Petrol price reduces to Rs140.82 per liter

The price of light diesel oil has been increased by Rs 3.33 toRs114.54 per liter from Rs111.21.

According to the notification the decision to enhance domestic prices of petroleum products because the international oil price had registered 6.2 per cent during the last week. Presently, at the highest level since last year.

The existing sales tax rate and petroleum levy on various petroleum products are much below the budgeted targets.

READ MORE: Govt. keeps petroleum prices unchanged

The finance ministry said that against the recommendations of Oil and Gas Regulatory Authority (OGRA) for increase of Rs5.52 per liter in petrol and Rs6.19/liter in high speed diesel prices, the Prime Minister had directed to absorb at the international prices through further cut in sales tax from last fortnight.

The finance ministry will take Rs2.6 billion revenue hit due to reduced sales tax rates.

Therefore, the government has decided to make partial increase in the prices of the petroleum products in order to provide relief to the end consumers.

READ MORE: Petroleum prices kept unchanged for next fortnight

January 15, 2022
Prices of all POL products increased to wish New Year

ISLAMABAD: The government on Friday increased prices of all petroleum products to wish the nation the New Year 2022.

The prices have been increased across the board around Rs4 per liter on all the products.

READ MORE: Petrol price reduces to Rs140.82 per liter

The prices have been implemented at 00:00 hours of January 01, 2022 for next fortnight.

According to a notification issued by the finance division the new price of petrol has been increased by Rs4 to Rs144.82 per liter from Rs140.82.

The rate of high speed diesel (HSD) has been increased by Rs4 to Rs141.62 per liter from Rs137.62.

READ MORE: SBP revises manual on remittances for petroleum sector

Similarly, the price of kerosene has been increased by Rs3.95 to Rs113.53 per liter from Rs109.53.

Likewise, the price of light diesel oil has been increased by Rs4.15 to Rs111.06 per liter from Rs107.06.

The notification stated that in the fortnightly review of petroleum products prices, the prime minister had rejected the proposal of Oil and Gas Regulatory Authority (OGRA) for increase in prices of petroleum products and advised to increase only Rs4 per liter to meet the petroleum levy target agreed with the International Monetary Fund (IMF).

“Sales tax on petrol and diesel has been adjusted downwards as compared to December 16, 2021 to keep the prices lower,” the notification stated.

READ MORE: FBR notifies increase in sales tax on petrol, HSD

January 1, 2022
Petrol price reduces to Rs140.82 per liter

ISLAMABAD: The government on Wednesday decided to reduce the prices of petroleum products for next fortnight considering the fall in international oil prices.

The government has not passed on the all the benefit of fall in international oil prices as it enhanced sales tax rates. However, the government kept the petroleum levy unchanged. The prices are applicable from December 16, 2021.

Price on petrol cut by Rs 5 to Rs 140.82/ltr

Price on diesel cut by Rs 5 to Rs 137.62/ltr

Petroleum levy on petrol and diesel remained unchanged at Rs 13.62 and Rs 13.14.

Sales tax on petrol raised from 1.63 per cent to 4.77 per cent. Ssles tax on diesel raises from 7.37 per cent to 9.08 per cent

FBR hikes sales tax rates on petroleum products

December 15, 2021
Govt. keeps petroleum prices unchanged

ISLAMABAD: The government Tuesday decided to keep the prices of petroleum products unchanged for the next fortnight till December 15, 2021.

A notification said that the prices of petroleum products will be the same as notified on November 15, 2021.

Petrol would be sold at Rs145.82 per liter; High-Speed Diesel at Rs142.62 per liter; kerosene oil at Rs116.53 per liter and light diesel oil at Rs114.07 per liter, according to a press statement issued by the finance ministry here.

Petroleum prices kept unchanged for next fortnight

November 30, 2021
Petroleum prices kept unchanged for next fortnight

ISLAMABAD: The government on Monday decided to keep prices of petroleum products unchanged at the level of November 05, 2021, for the next fortnight.

The prices will remain unchanged from November 16, 2021, till the end of the month: Petrol Rs145.82 per liter; High-Speed Diesel (HSD) Rs142.62 per liter; Kerosene Oil Rs116.53 per liter; and Light Diesel Oil Rs114.07 per liter.

A statement issued by the Finance Division said that despite rising petroleum products prices globally, the Prime Minister of Pakistan has kindly rejected the proposal for enhancement in the prices and desired that the prices of petroleum products from November 16, 2021, shall remain the same as notified on November 04, 2021, for providing maximum relief to the general public.

The decision has been taken in the public interest. The government will bear the burden by making adjustments in the sales tax rates, etc.

Muzzammil Aslam, spokesman to the finance minister in a Tweet said: “History has been made today. In today’s petrol prices the Sales Tax is effective zero per cent.”

Petrol tax rate cut by 73% to lower global oil price impact

November 15, 2021
Petrol tax rate cut by 73% to lower global oil price impact

ISLAMABAD: The federal government has announced a reduction of 73 per cent in sales tax rate on supply of petrol in order lower the impact of high global oil prices.

In this regard the Federal Board of Revenue (FBR) issued a notification i.e. SRO 1450(I)/2021 to reduce the sales tax rate on petrol and High Speed Diesel (HSD).

According to the notification the rate of sales tax has been reduced to 1.43 per cent from the rate of 6.84 per cent. The FBR issued previous notification SRO 1327(I)/2021 on October 7, 2021.

The revenue body also reduced the rate of sales tax on High Speed Diesel (HSD) to 6.75 per cent from 10.32 per cent.

However, the sales tax rates on kerosene and Light Diesel Oil (LDO) have been kept unchanged at 6.70 per cent and 0.20 per cent, respectively.

It is worth mentioning here that the normal rate of sales tax is 17 per cent. The present government has already reduced the rate of sales tax on petroleum products to the lowest level to minimize the impact of sharp rise in global oil prices.

The government on November 04, 2021 notified increased in petroleum prices, which are now all time high.

The petrol was fixed at Rs145.82 per litre instead of Rs137.79, showing an increase of Rs8.03. The price has been increased from previous high of Rs137.79.

Similarly, the price of high speed diesel has been increased by Rs8.14 to Rs142.62 from Rs134.48.

The rate of kerosene oil has been increased by 6.27 per liter to Rs116.53 from Rs110.26. Likewise, the price of light diesel oil has been increased by Rs5.72 per liter to Rs114.07 from Rs108.35.

A notification issued by the Finance Division stated that on November 01, 2021, the prime minister had not agreed with the proposals worked out by the Oil and Gas Regulatory Authority (OGRA) and the finance division directed to maintain the prices as notified on October 16, 2021.

It is pertinent to mention that maintaining the October 16, 2021 petroleum prices had some underlying concerns for cash flow issues due to short recovery of the cost, according to the statement.

It is important to note that in the previous petroleum prices, already a significant relief was provided to the consumers. The government is cognizant of its responsibility to provide maximum relief to the consumers.

“This has dented the petroleum levy budget of Rs152.5 billion during July – September, 2021 as compared to Rs20 billion realized only,” it said.

Foregoing in view, prices of petroleum products have been increased partially as compared to the prices being worked out by the OGRA. If the government had accepted OGRA’s recommendations, the new prices would have been much higher.

Infact, the government has absorbed the bulk of the pressure after making adjustment after making adjustment in the sales tax and petroleum levy. The collection of petroleum levy is far short of its fixed target for the first quarter of the fiscal year 2021/2022, it added.

Petrol price increases to new high of Rs145.82 per liter

November 11, 2021
Petrol price increases to new high of Rs145.82 per liter

ISLAMABAD: The government on Thursday night announced an increase of Rs8.03 to Rs145.82 per liter in the price of petrol effective from November 05, 2021.

The government announced increase in prices of all petroleum products.

The price has been increased from previous high of Rs137.79.

Similarly, the price of high speed diesel has been increased by Rs8.14 to Rs142.62 from Rs134.48.

The rate of kerosene oil has been increased by 6.27 per liter to Rs116.53 from Rs110.26. Likewise, the price of light diesel oil has been increased by Rs5.72 per liter to Rs114.07 from Rs108.35.

A notification issued by the Finance Division stated that on November 01, 2021, the prime minister had not agreed with the proposals worked out by the Oil and Gas Regulatory Authority (OGRA) and the finance division directed to maintain the prices as notified on October 16, 2021.

It is pertinent to mention that maintaining the October 16, 2021 petroleum prices had some underlying concerns for cash flow issues due to short recovery of the cost, according to the statement.

It is important to note that in the previous petroleum prices, already a significant relief was provided to the consumers. The government is cognizant of its responsibility to provide maximum relief to the consumers.

“This has dented the petroleum levy budget of Rs152.5 billion during July – September, 2021 as compared to Rs20 billion realized only,” it said.

Foregoing in view, prices of petroleum products have been increased partially as compared to the prices being worked out by the OGRA. If the government had accepted OGRA’s recommendations, the new prices would have been much higher.

Infact, the government has absorbed the bulk of the pressure after making adjustment after making adjustment in the sales tax and petroleum levy. The collection of petroleum levy is far short of its fixed target for the first quarter of the fiscal year 2021/2022, it added.

Petrol price goes up to record high at Rs137.79/liter

November 5, 2021