PL, GST rates stay put: Massive increase in POL products' prices announced

ISLAMABAD: The federal government Saturday opted to increase the ex-refinery prices of all petroleum products but maintained the rates of petroleum levy (PL) and General Sales Tax (GST) at the level of first half of October.

The Finance Division Saturday morning released a statement, announcing an increase in the ex-depot prices of all petroleum products up to 11 percent with effect from October 16, in a fortnightly review.

The government raised the price or petrol by 8.2 percent, the prices of HSD by 10.1 percent, and Kerosene Oil (SKO) by 11 percent ahead of winter, and light diesel oil (LDO) by 8.8 percent.

The Finance Division states that it raised the ex-depot price of petrol by Rs10.49 per litre and that of HSD by Rs12.44 per litre.

The new price of petrol is Rs137.79 per litre, while the HSD is selling for Rs134.48.

The prices of SKO and LDO are increased by Rs10.95 per litre and Rs8.84 per litre, respectively.

The new price of SKO is Rs110.26 per litre and LDO is Rs108.35 per litre.

Govt increases petrol price by Rs10.49 per litre

The petroleum levy on petrol is Rs5.62 per litre, Rs5.14 per litre on HSD, Rs2.06 on SKO, and no PL on LDO.

The government has increased the cost of supply Pakistan State Oil (PSO)/ex-refinery price from Rs102.77 per litre to Rs112.57 per litre on petrol; however, maintained the Pl on petrol at Rs5.62 per litre.

The rate of GST increased to Rs8.82 per litre from Rs8.15 per litre.

The rates of sales tax on petrol is 6.84 percent, HSD 10.32 percent, SKO 6.70 percent, and LDO 0.20 percent.

The average exchange rate applicable on the POL products in the last 15 days is $170.86, which was $169 in second half of September.

At present, oil prices have risen $85 a barrel (Global Benchmark Brent) 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," the statement said.

Increase in the prices of Brent Crude and RLNG internationally, the CNG prices in Punjab region also increased from Rs124 per litre to Rs131 per litre with effect from October 1.

CNG stations in Sindh are already closed for 10 days due to shortage of gas in the province.

Copyright Business Recorder, 2021