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Tag: petroleum products

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

    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
  • Govt. decides to cut duty, taxes on edible oil: Umar

    Govt. decides to cut duty, taxes on edible oil: Umar

    ISLAMABAD: In a bid to counter rising inflation and alleviate the economic burden on citizens, the government has decided to reduce duty and taxes on the supply of edible oil.

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

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

    ISLAMABAD: The government on Saturday increased the price of petrol to a record high at Rs137.79 per liter. The government announced to increase prices of all petroleum products with effect from October 15, 2021.

    The price of petrol has been increased by Rs10.49 to Rs137.79 from Rs127.30 per liter. The price of High Speed Diesel (HSD) has been increased by Rs12.44 to Rs134.48 from Rs122.04 per liter. The price of kerosene oil has been enhanced by Rs10.95 to Rs110.26 from Rs99.31 per liter. Similarly, the price of light diesel oil has been increased by Rs8.48 to Rs108.35 from Rs99.51 per liter.

    A notification issued by the Finance Division said at present, oil prices have risen around $85 a barrel, which is the highest since October 2018.

    Importantly, entire energy chain prices have witnessed a strong surge in the past couple of months due to higher demand for energy inputs and supply bottlenecks.

    In the current scenario, the government has absorbed the pressure and provided maximum relief to the consumers by keeping petroleum levy and sales tax to a minimum level. Therefore, prices worked out by OGRA have been approved, according to the statement.

    Petrol price increases to record high at Rs127.30/liter
  • Tarin defends price hike in petroleum products

    Tarin defends price hike in petroleum products

    ISLAMABAD: Finance Minister Shaukat Tarin on Friday defended the hike in prices of petroleum products effective from October 01, 2021.

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  • Petrol price increases to record high at Rs127.30/liter

    Petrol price increases to record high at Rs127.30/liter

    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…)
  • Sales tax on high speed diesel reduced by 31.5%

    Sales tax on high speed diesel reduced by 31.5%

    ISLAMABAD: The federal government has announced a reduction of sales tax rate by 31.5 per cent on supply of High Speed Diesel (HSD). The rate sales tax on HSD has been reduced in order to lower the impact of higher prices pass on to the consumer.

    The Federal Board of Revenue (FBR) issued SRO 1225(I)/2021 dated September 18, 2021 to notify the reduction in sales tax on HSD.

    According to the SRO the sales tax rate on HSD has been reduced to 11.64 per cent from previous level of 17.00 per cent.

    Previously, the FBR issued SRO 1072(I)/2021 dated August 26, 2021 to revise the sales tax on petroleum products.

    In the latest SRO only sales tax rate on HSD has been reduced. The sales tax rates on other petroleum products have been kept unchanged. The sales tax rates on petroleum products are: Petrol 10.54 per cent; HSD 11.64 per cent; Kerosene oil 6.70 per cent; Light Diesel Oil 0.20 per cent.

    It is worth mentioning that the federal government on September 15, 2021 announced an increase in the prices of petroleum products.

    With the announcement the petrol prices have gone up to the all-time high level. However, it is even more important that the sales tax rates are on the lowest side when compared with the rates applicable during year 2015.

    The government has increased latest prices owing to fluctuations in petroleum prices in the international market and exchange rate variation.

    Following are the rates of petroleum products, which will take effect from September 16, 2021:

    The rate of petrol has been increased by Rs5 to Rs123.30 per liter from Rs118.30.

    The rate of high-speed diesel has been increased by Rs5.01 to Rs120.04 per liter from Rs115.03.

    The rate of kerosene oil has been increased by Rs5.46 to Rs92.26 per liter from Rs86.80.

    The rate of light diesel oil has been increased by Rs5.92 to Rs90.69 from Rs84.77.

    In the latest SRO 1225(I)/2021 dated September 18, 2021, the sales tax rates on petroleum products are: Petrol 10.54 per cent; HSD 11.64 per cent; Kerosene oil 6.70 per cent; Light Diesel Oil 0.20 per cent.

    The present sales tax rates on petroleum products are much lower when compared with sales tax rates prevailed about six years ago. The FBR issued SRO 963(I)/2015 dated September 30, 2015. The sales tax rates under this SRO are: Petrol 26 per cent; Kerosene 30 per cent; High Speed Diesel 50 per cent; Light Diesel Oil 29.50 per cent.

    Petrol price increased to all-time high at Rs123.30/liter
  • Petrol price increased to all-time high at Rs123.30/liter

    Petrol price increased to all-time high at Rs123.30/liter

    ISLAMABAD: The price of motor spirit (petrol) has been increased to all-time high at Rs123.30 per liter and will take effect from September 16, 2021.

    The Finance Division on Wednesday issued the rates of petroleum products for the next fortnight. The government has increased the prices of all petroleum products for the next 15 days.

    The government has increased the prices owing to fluctuations in petroleum prices in the international market and exchange rate variation.

    Following are the rates of petroleum products, which will take effect from September 16, 2021:

    The rate of petrol has been increased by Rs5 to Rs123.30 per liter from Rs118.30.

    The rate of high-speed diesel has been increased by Rs5.01 to Rs120.04 per liter from Rs115.03.

    The rate of kerosene oil has been increased by Rs5.46 to Rs92.26 per liter from Rs86.80.

    The rate of light diesel oil has been increased by Rs5.92 to Rs90.69 from Rs84.77.

    Prices of all petroleum products reduced
  • Prices of all petroleum products reduced

    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.

  • FBR slashes tax rate on petrol sale

    FBR slashes tax rate on petrol sale

    ISLAMABAD: The Federal Board of Revenue (FBR) on Thursday reduced rate of sales tax on supply of petrol (Motor Spirit).

    The revenue body issued SRO 1072(I)/2021 to make change in sales tax rate on supply of petrol.

    According to the notification the sales tax rate on supply of petrol has been reduced to 10.54 per cent. The FBR brought down the sales tax rate from 10.77 per cent. Previously, the revenue body notified the sales tax rate on petroleum products through SRO 937(I)/2021 dated July 26, 2021.

    The uniform rate of sales tax is 17 per cent. However, the government has reduced the rate of sales tax on various petroleum products in order provide relief to the masses.

    Despite providing relief to general public through reduced rate of sales tax, the government increased the prices of various petroleum products with effect from August 16, 2021.

    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 the latest notification, the FBR has kept sales tax rates at reduced level for other petroleum products. However, sales tax rate on high speed diesel is remained at 17 per cent.

    The sales tax rate on supply of kerosene oil is 6.70 per cent and on supply of light diesel oil is 0.20 per cent.

    FBR reduces sales tax rate on petrol to 10.77%
  • FBR announces reduction in sales tax rates on petroleum products

    FBR announces reduction in sales tax rates on petroleum products

    ISLAMABAD: Federal Board of Revenue (FBR) has announced reduction in sales tax rates on supply of petroleum products in order to ensure availability of fuel at lower rates.

    The FBR issued SRO 807(I)/2021 dated June 26, 2021 for notifying the reduction in sales tax on petroleum products.

    According to the SRO the sales tax rate on kerosene oil has been reduced to 6.7 per cent from 9.15 per cent. Similarly, sales tax on light diesel oil has been reduced to 0.2 percent from 2.74 per cent.

    However, the sales tax rates on petrol and high diesel oil has been kept unchanged at 17 per cent.

    The government on June 15, 2021 announced increase in prices of petroleum products for next fortnight, which are as follows: MS (Petrol) has been increased by Rs2.13 from Rs108.56 to Rs110.69 per liter, High Speed Diesel was increased by Rs1.79 from Rs110.76 to Rs112.55 per liter, Kerosene (SKO) was increased by Rs1.89 from Rs80.00 to Rs81.89 per liter and Light Diesel Oil was increased by Rs2.03 from Rs77.65 to Rs79.68 per liter.

    FBR sources said that the sales tax rate has been reduced because the government had not passed on the actual increase in petroleum products prices to the general public.