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ISLAMABAD: The federal government has announced, on Thursday, a reduction in ex-depot prices of petroleum products for second half of April owing to reduction in the price of oil globally.

Sources said that the federal government reduced the landing cost/ex-refinery prices of petroleum products’, however, maintain the petroleum levy (PL) on petrol and high speed diesel at the level of first half of April. The rates of PL on kerosene oil and light diesel oil have increased.

The government has reduced the rate of petrol by Rs1.79 per litre.

The rate of high speed diesel (HSD) has also reduced by Rs2.32 per litre.

The rate of kerosene oil (SKO) and Light Diesel Oil (LDO) have also reduced by Rs2.06 per litre and 2.21 per litre, respectively.

The new ex-depot price of petrol is Rs108.56 per litre instead of Rs110.35 per litre.

The price of HSD is fixed at Rs110.76 per litre instead of Rs113.08 per litre.

The new rate of SKO is also reduced to Rs80 per litre from Rs82.06 per litre.

The rate of LDO is also reduced to Rs77.65 per litre instead of Rs79.86 per litre.

The Pl rate at petrol is Rs11.23 per litre. Whereas land price/ex refinery price is reduced from Rs72.28 per litre to Rs70.40 per litre.

The Pl rate at HSD has been kept unchanged at Rs15.29 per litre, while ex-refinery price of HSD has been reduced from Rs73.90 per litre to Rs71.50 per litre.

The rate of Pl on SKO has been increased by Rs 1.77 per litre from Rs 1.74 per litre to Rs 3.51 and pl on LDO has increased from Rs 1.38 per litre to Rs 3.10 per litre.

The Finance Division stated,”In order to provide relief to the consumers during holy month of Ramazan, the government has decided to reduce the prices of the petroleum products with effect from April 16th”.

When contacted, an official of the Federal of Revenue (FBR) said that the reduction in prices of petroleum products would have a negative impact on the revenue collection in the second half of April.

He further said the reduction in GST would have a negative impact of an estimated Rs3 to 4 billion.

Sources said that the federal government has accepted the recommendations of the Oil and Gas Regulatory Authority (OGRA) for reduction of petroleum products for the second half of April.

The regulator had worked out on Wednesday, the rates of petroleum products based at 17 percent general sale tax (GST) and PL rate notified for first half of April.

Copyright Business Recorder, 2021

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