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Print Print 2021-10-31

PM for no further hike in prices of POL products

  • Rejects OGRA and finance ministry's proposals to increase prices of petroleum products in national interest
Published October 31, 2021

ISLAMABAD: Prime Minister Imran Khan has rejected the Oil and Gas Regulatory Authority (OGRA) and Finance Ministry’s proposals to increase prices of petroleum products with effect from November 1.

The decision to this effect was taken by the prime minister in national interest, said a statement issued by the Prime Minister’s Office.

The Prime Minister’s Office states that the regulator had proposed to increase the price of petrol by Rs11.53 per litre, high speed diesel (HSD) by Rs8.49 per litre, kerosene oil (SKO) by Rs6.29 per litre and light diesel oil (LDO) by Rs5.72 per litre from November 1 in view of rising prices of petroleum in the global market.

“The prime minister rejected the proposed increase and stopped raising the prices of petroleum products. The government is giving priority to the relief of the people instead of shifting the burden of rising inflation to the people,” the statement says.

Govt increases petrol price by Rs10.49 per litre

Based at current rate of petroleum levy (PL) and general sales tax (GST), the regulator had worked out an increase in petrol by 8.3 percent, HSD by 6.3 percent, LDO by 5.2 percent, and SKO by 5.6 percent with effect from November 1st, in a fortnightly review for first half of November.

In last review with effect from October 16, the government had kept PL’s rate on petrol at Rs5.62 per litre. The rate of PL on HSD was kept at Rs5.14 per litre.

The PL being charged on SKO was Rs2.06 per litre and no PL was on LDO.

The government notified GST is 6.84 on petrol, on HSD the rate is 10.32 percent and GST rates on SKO is at 6.70 percent and 0.20 percent on LDO.

Copyright Business Recorder, 2021

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