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ISLAMABAD: The government, on Tuesday, reduced petroleum products’ prices by up to Rs1.50 per litre with effect from September 1, 2021.

The Finance Division, on Tuesday, notified reduction in the price of petrol by Rs1.50 per litre. Consequently, petrol will be available at Rs118.30 per litre from September 1, 2021.

The government has also notified a change in price for high-speed diesel (HSD), which has been reduced by Rs1.50, now to cost Rs115.03 per litre.

Further, the price of kerosene will also fall by Rs1.50, to cost Rs86.80 per litre.

Light diesel oil price is reduced by Re1 per litre and will be available at Rs84.77 per litre.

According to the notification, despite international price fluctuations in the petroleum products and anticipated increase in future prices, the government has reduced the prices in order to provide maximum relief to the consumers.

It further stated that 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 common man.

It further stated that that petroleum levy is kept at the minimum, which is a clear reflection that government is fully cognisant of the impact of fuel prices on the prices of basic items that affect people, directly.

The Oil and Gas Regulatory Authority (OGRA) had worked out a substantial decrease in the prices of petroleum products with effect from September 1, owing to a declining trend in oil prices, globally.

Sources said that the oil and gas regulator had recommended a decrease of Rs3.50 per litre in the price of petrol.

POL products: Ogra works out 'substantial' decrease in prices

The price of HSD was recommended to reduce by Rs5 per litre.

The prices of kerosene oil (SKO) and Light Diesel Oil (LDO) were also worked out by Rs3 per litre and Rs2 per litre, respectively.

The prices of crude oil internationally reduced from $75 per barrel to $70 per barrel in August.

The government has adjusted the prices by increasing the rates of petroleum levy on all petroleum products and sale tax also.

The petroleum levy on petrol is fixed Rs 2.11 per litre on petrol, Rs 5.14 per litre on HSD, Rs 2.06 on SKo and Rs 1.51 per litre on LDO and Rs 30 per litre on HOBC. The exchange rate is applicable on the products is Rs 164.7 against US dollar.

Earlier, the government abolished the PL on petroleum products other than HSD.

IFEM is Rs 3.65 per litre on petrol, Rs 0.85 per litre on HSD, Rs 3.43 per litre on SKO and Rs 1.20 per litre on LDO.

The government has also increased the LPG cylinders prices for the month of September. The price of LPG is increased by Rs 5 per kg both for domestic and commercial cylinder. Now domestic LPG cylinder is available for Rs 2060 against Rs 2002 in August. Commercial cylinder is available for Rs 7926 against Rs 7703 in August.

The FBR has yet not issued new notification on the sales tax rates on POL products for September 2021. Presently the FBR is charging 10.54 percent sales tax on petrol; high speed diesel 17 percent; kerosene 6.70 percent and sales tax on light diesel oil is 0.20 percent.

Copyright Business Recorder, 2021

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