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ISLAMABAD: A proposal is under consideration of the Petroleum Division and Benazir Income Support Programme for targeted subsidy on petroleum products for poor people using motorcycles as payments on account of price differential claims (PDCs) to Oil Marketing Companies (OMCs) on petrol and high speed diesel (HSD) showed a substantial increase.

Prime Minister Shehbaz Sharif has ordered that prices of petroleum products be maintained at the level of April 16-30, and the government will bear the PDC on petrol at Rs 29.60 per litre, HSD at Rs 73.04 per litre, kerosene oil at Rs 43.16 per litre and light diesel oil (LDO) at Rs 64.70 per litre from May 1 to May 15.

The Oil and Gas Regulatory Authority (OGRA) has asked that the amount of PDC be calculated accordingly for disbursement to the respective OMCs and refineries under the procedure approved by the Economic Coordination Committee. The government is charging zero rating of petroleum levy and general sale tax on petroleum products.

PM directs re-inclusion of BISP beneficiaries

In the second half of April, the amount of PDC was Rs 51.52 per litre which increased to Rs 73.04 per litre, or an increase of Rs 21.52 per litre, on HSD in the first fortnight of May. The ex-refinery price of HSD has gone up to Rs 208.16 per litre from May 1 from Rs 186.59 per litre in the second half of April.

On March 1, its ex-refinery price was Rs 136.61 when former prime minister Imran Khan announced a 10 percent reduction in petroleum prices till June 2022.

The amount of PDC on petrol has increased by Rs 8.30 per litre from Rs 21.30 per litre to Rs 29.60 per litre in May as compared to April 16. The ex-refinery price has also gone up by Rs 7.82 per litre from Rs 159.13 per litre to Rs 166.95 per lire.

Copyright Business Recorder, 2022

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