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ISLAMABAD: The government is going to pay a heavy sum of Rs 30 billion to keep petroleum product prices at current level for current fortnight with effect from March 16, 2022.

Finance Division in a statement said that in line with decision of the Prime Minister in the last fortnightly review, the petroleum product prices to remain unchanged despite abnormal price increase in international market. Subsequently to keep the prices at the existing level, government will bear he additional burden of Rs 30 billion for the fortnight.

Oil and Gas Regulatory Authority has notified the Price Differential Claims (PDC) payment to oil marketing companies (OMCs) and Refineries. According to the notification, the government will pay Rs 23.43 per litre PDC on the prices of petrol and Rs 34.92 per litre PDC on high speed diesel (HSD), Rs 26.26 per litre on kerosene oil (SKO) and Rs 29.26 per litre on light diesel oil (LDO) for second half of March.

Petroleum Division directed OGRA to calculate the amount of PDC accordingly for disbursement to the respective OMCs/ refineries under the procedure approved by the ECC.

The petroleum levy and general sale tax on HSD have already been abolished and PL on petrol is reduced to Rs 1.81 per litre.

However, all CNG stations will be open with effect from March 16 on regular basis 24/7 days It will save minimum Rs84 billion per year and common man will be benefited; however, public transport fares will not be increased using CNG, stated Ghiyas Paracha of All Pakistan CNG Association

Copyright Business Recorder, 2022

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