The government on Thursday announced a significant hike in the price of petrol, increasing it by Rs 4 per liter, bringing the cost to an all-time high of Rs 127.30 per liter. This marks the highest petrol price in Pakistan’s history. The new prices, along with adjustments to other petroleum products, will take effect from October 1, 2021.
(more…)Tag: petroleum prices
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Prices of all petroleum products reduced
ISLAMABAD: The federal government on Tuesday announced a reduction in prices of all petroleum products for next fortnight.
A statement issued by the Finance Division the new reduced prices will take effect from September 01, 2021.
According to the notification the price of petrol has been reduced by Rs1.50 to Rs118.30 per liter from Rs119.80.
The price of high speed diesel (HSD) has been reduced by Rs1.50 to Rs115.03 per liter from Rs116.53.
Similarly, the rate of kerosene oil has been reduced by Rs1.50 to Rs86.80 per liter from Rs88.30.
The price of light diesel has been reduced by one rupee to Rs84.77 per liter from Rs85.77.
The statement issued by the finance division said that despite international price fluctuation in petroleum products and anticipated increase in future prices, the government has reduced the price in order to provide maximum relief to the consumer.
The government is firmly committed to ensure stability in prices of essential commodities and has sustained the price pressure in line with its commitment to the common man.
It is pertinent to mention that petroleum levy is kept at minimum which is a clear reflection that the government is fully cognizant of the impact of fuel prices on the prices of basic items that affect people directly.
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Prices of kerosene oil, LDO increased for next fortnight
ISLAMABAD: The government has increased the prices of kerosene oil and Light Diesel Oil (LDO) for next fortnight effective from August 16, 2021.
The prices of kerosene oil have been increased by Rs0.81 per liter, from Rs87.49 to Rs 88.30.
Likewise, the prices of Light Diesel Oil (LDO) have been increased by Rs1.10 per liter from Rs84.67 to Rs85.77.
However, the government kept prices of petrol and diesel unchanged with effective form August 16 for next fortnight.
According to press statement issued by the Finance Ministry, the sale of petrol would continue on Rs119.80 till August 31st.
Likewise, prices of High Speed Diesel (HSD) would remain unchanged at Rs116.53 per liter.
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POL prices increased for next fortnight; per liter petrol up by Rs5.4 to Rs118.09
ISLAMABAD: The government on Thursday announced increase in petroleum prices to be implemented midnight with effect from July 16, 2021 for next fortnight.
The government announced an increase of Rs5.4 to Rs118.09 in price of petrol from Rs112.69.
Likewise, the prices of high speed diesel increased by Rs2.54 per liter, from Rs113.99 to Rs116.53; kerosene oil by Rs1.39 per liter, from Rs85.75 to Rs87.14 whereas the price of light diesel oil increased by Rs1.27, from Rs83.40 per liter to Rs84.67 per liter.
The Oil and Gas Regulatory Authority (OGRA) had recommended Rs11.50 increase in per liter petrol, however the Prime Minister, considering to provide maximum relief to the public allowed only Rs5.4 liter increase, said a press statement issued by the Finance Ministry here.
In this way, the government observed Rs6.10 price hike in the commodity, it added. “The government has been providing maximum relief to the consumers by reducing the price of the petroleum products since April 2021,” it added.
The statement said that although the international oil prices have been on rise, the government took the decision not to pass on the entire burden of increase to the consumers.
The rates of sales tax and petroleum levy have been adjusted in a manner that maximum relief is provided to the consumers.
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Sales tax rate on petrol slashed
ISLAMABAD: The Federal Board of Revenue (FBR) on Tuesday reduced sales tax to 16.40 per cent ad valorem on supply of petrol.
The FBR issued SRO 860(I)/2021 to reduce the sales tax on petrol.
Through the SRO the sales tax rate on petrol has been reduced to 16.40 per cent ad valorem from 17 per cent.
The sales tax rates on kerosene oil and light diesel are 6.7 per cent and 0.20 per cent, respectively.
The FBR kept the sales tax rate at 17 per cent unchanged for high speed diesel oil.
The rates of sales tax on petroleum products have been reduced so the government absorbs the high prices in the international markets and pass on the lesser effect to the consumers.
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Petrol price increases by Rs2 to Rs112.69/liter
ISLAMABAD: The government on Wednesday announced an increase in price of petrol by Rs2 to Rs112.69 per liter from Rs110.69 with effect from July 01, 2021.
A statement said that the price of high speed diesel (HSD) has been increased by Rs1.44 to Rs113.99 per liter from Rs112.55.
The price of kerosene oil has been increased by Rs3.86 to Rs85.75 per liter from Rs81.89.
Similarly, the price of light diesel oil has been increased by Rs3.72 to Rs83.40 per liter from Rs79.68.
The statement said that in order to provide maximum relief to the consumers, the government has maintained the practice of keeping the prices of petroleum products at an affordable level.
OGRA has been recommending substantial increase in the prices of Petroleum products since 1st May 2021, corresponding to the increase in prices of the petroleum products in the International markets.
However, keeping in view the welfare of the general public, the government has absorbed the impact of the increase by making adjustments in sales tax and petroleum levy.
Currently, the petroleum levy rates are at the lowest of last six years.
During the financial year 2020-21, the government has provided Rs252.41 billion subsidy to the consumers by keeping low the petroleum levy rates against the budgeted Rs. 30/liter on all products.
It is also worth mentioning that as compared to our regional neighbours, Government of Pakistan is providing Petrol and Diesel at the lowest level rates.
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Petroleum prices increased for next fortnight
ISLAMABAD: The federal government on Tuesday announced increase in prices of petroleum products for next fortnight effective June 16, 2021.
According to a notification issued by the finance division, the new prices of the petroleum products coming into effect from June 16, 2021, for the next fortnight, are as follow:
The price of petrol has been increased by Rs2.13 to Rs110.69 per liter from Rs108.56 per liter.
The price of high speed diesel oil (HSD) has been increased by Rs1.79 to Rs112.55 per liter from Rs110.76 per liter.
The rate of kerosene oil has been increased by Rs1.89 per liter to Rs81.89 per liter from Rs80 per liter.
Similarly, the rate of light diesel oil has been increased by Rs2.03 to Rs79.68 per liter from Rs77.65 per liter.
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Sales tax rates slashed on kerosene, light diesel
ISLAMABAD: The government has announced cut in sales tax rates on kerosene oil and light diesel in order to absorb the price hike on petroleum products.
In this regard the FBR issued SRO 726(I)/2021 on Tuesday to comply with the decision of the government for keeping the POL prices intact by absorbing a hike in prices through downward adjustment in sales tax rates.
The sales tax rate on kerosene oil has been reduced to 10.07 percent from the previous rate of 15.44 percent. Similarly, the sales tax rate on light diesel oil has been reduced to 3.67 percent from 7.56 percent. Meanwhile, the sales tax rates on petrol and high speed oil have been kept unchanged at 17 percent.
According to an official statement issued on May 31, 2021, the prime minister had decided to maintain the prices of petroleum products as they were on May 17, 2021.
“The government has not increased the prices of petroleum products since April 16, 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.”
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Petrol price reduced to Rs110.35 per liter
ISLAMABAD: The government on Wednesday announced a decline of Rs1.55 per liter petrol to Rs110.35 for the next fortnight starting April 01, 2021.
According to revised petroleum prices issued by the finance division the price of petrol has been revised downward by Rs1.55 per liter to Rs110.35 from existing price of Rs111.90.
The price of high speed diesel has been reduced by Rs3 per liter to Rs113.08 from Rs116.08.
Similarly, the per liter kerosene oil has been reduced by Rs1.55 to Rs82.06 from Rs83.61.
Likewise, the price of light diesel oil has been brought down by Rs1.56 per liter to Rs79.86 from exiting Rs81.42.
The prices will be effective from April 01, 2021.
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Petrol, HSD prices kept unchanged for next fortnight
ISLAMABAD: The government has decided to keep the prices of petrol and high speed diesel (HSD) unchanged for next fortnight, a statement said on Monday.
It said that the government has been absorbing the upward price fluctuation in international market in order to provide maximum relief to the end consumers.
Despite very limited fiscal space, the government has decided that the prices of MS (Petrol) and High Speed Diesel (HSD) will remain the same.
However, as no Petroleum Levy (PL) is being charged on SKO and LDO, the prices of Kerosene (SKO) and Light Diesel Oil (LDO) have been marginally increased by Rs.3.42/liter and Rs.2.19/liter respectively due to significant rise in the international prices of Petroleum Products.
The following new prices would be effective from March 16, 2021 for the 2nd fortnight of the current month:
MS (Petrol) is unchanged at Rs111.90
High Speed Diesel (HSD) is unchanged at Rs116.08
Kerosene (SKO) has been increased from Rs80.19 to Rs83.61
Light Diesel Oil (LDO) has been increased from Rs79.23 to Rs81.42