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ISLAMABAD: The federal government Friday notified increase in the prices of petroleum products for the second half of January 2021 (January 16-31). On Friday, the Finance Division announced Rs3.20 per litre in the price of petrol. High Speed Diesel (HSD) price has also been increased by Rs2.95 per litre.

The price of kerosene oil (SKO) increased by Rs3 per litre and Light Diesel Oil (LDO) also increased by Rs4.42 per litre. The government claimed that government did not pass on full impact of oil prices internationally and exchange rate on the general public as recommended by the Oil and Gas Regulatory Authority (OGRA).

The regulator had worked out a massive increase in the prices of petroleum products. The regulator had worked out prices of petroleum products based on standard rate of general sale tax (GST) at 17 percent and applicable petroleum levy (PL) at Rs30 per litre with effect from January 16.

Petrol price in Pakistan has increased by Rs3.20 or three percent per liter bringing the new rate at Rs109.20 per liter while the HSD price has been hiked by Rs2.95 or 2.8 percent per liter bringing the new rate to Rs113.19 per liter with effect from January 16. However, prices of Kerosene oil and LDO have been increased by Rs3 or four percent per liter and Rs4.42 or 6.1 percent per liter respectively bringing new rates to Rs76.65 per litre and Rs76.23 per litre for next second half of January.

On Thursday, the regulator had proposed Rs13.07 per litre increase in petrol price. Another Rs11.03 increase had proposed in the price of HSD. An increase in SKO by Rs10.55 per litre and Rs15.33 per litre in LDO price had also been recommended by the regulator.

However, the prime minister refused to allow passage of full impact on the general public. The government adjusted the impact in ex-refinery prices and the PL. Ex-refinery price of petrol increased from Rs57.71 per litre to Rs61.70 per litre or Rs3.99 per litre. IFEM margin reduce from Rs3.56 per litre to Rs3.53 per litre.

Petroleum levy on petrol increased from Rs21.56 per litre to Rs22.85 per litre or Rs1.29 per litre. The GST also increased from Rs15.40 per litre to Rs15.87 per litre. Prescribed price of kerosene oil rate increased from Rs61.14 per litre to Rs63.69 per litre or Rs2.55 per litre.

The rate of PL on kerosene oil maintained at Rs5.54 per litre, however, rate of GST revised from Rs10.70 to Rs11.14 per litre or 44 paisa. The rate of IFMI reduced by one paisa. The government adjusted increase in rate of the HSD by revising rate of ex-refinery price and the PL on HSD and LDO for second half of January.

An official of the Federal Board of Revenue (FBR) said the raise in the rate of GST on petroleum products will help the government to generate additional revenue of around Rs8-10 billion in the second half of January.

Copyright Business Recorder, 2021