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ISLAMABAD: The Finance Division has announced to maintain the prices of the petroleum products (MS, HSD, SKO, and LDO) at current level till further orders for first half of November, according to a notification.

The Finance Division asked the Oil and Gas Regulatory Authority (Ogra) to convey that the OMCs and relevant local refineries will be duly compensated in case of any price differential (as per the Ogra’s calculation), during the intervening period, with the approval of the competent forum.

The rates of Petroleum Levy (PL) and General Sales Tax (GST) is kept at the same level along with ex-refinery/cost of the PSO supply.

It has been notified that the PL rates notified on October 15, 2021 will remain effective till further order.

The regulator was further directed to take further necessary action accordingly and make sure that no supply disruption occurs in the availability of these products. The Pakistan State Oil (PSO) had asked the Petroleum Division to adjust different cos heads.

The regulator calculates incidental costs, ocean losses and custom duty have based on the C&F values of cargoes. The PSO wants to actualize these costs in the next pricing in line with the letter of the Energy Ministry.

Moreover, the change component of the HSD includes cost and freight-r4elated exchange rate adjustments. It includes adjustments of import-related incidentals and custom duty of previously priced cargoes.

In an interview to a private TV channel, Advisor to Prime Minister on Finance Shaukat Tarin stated that the government would revise current financial year target of Rs600 billion PL on petroleum products.

Copyright Business Recorder, 2021

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