Owing to hike in international oil prices, the government on Tuesday increased petrol price by Rs12.03 per liter, from Rs147.83 to Rs159.86.
According to press statement issued by the finance ministry, high speed diesel price has been increased by Rs 9.53 per liter, from Rs144.62 to Rs154.15.
Likewise, the price of kerosene oil has been increased by Rs10.08 per liter, from Rs116.48 to Rs126.56 whereas the price of light diesel oil has been enhanced from Rs114.54 to Rs123.97, an increase of Rs9.43 per liter.
According to the statement, the prices of petroleum products were showing drastic increase in the international market and presently were at the highest level since 2014.
Despite 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 had advised against the summary of OGRA.
In order to provide utmost relief to the consumers, the government levied zero percent sales tax and reduce petroleum levy rate against the budgeted targets, the statement said.
Resultantly, the government was bearing the revenue loss of around Rs35 billion fortnightly on account of budgeted to existing petroleum levy and sales tax rates.
The statement added that in the fortnightly review of petroleum products’ prices, the PM 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, the petroleum levy and sales tax have been kept to the minimum, the statement added.
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