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The federal government on Thursday notified partial increase in the prices of all petroleum products for the month of March. In monthly review, the government has increased the price of motor spirit (MS) by Rs 2.50 per litre. The price of high speed diesel (HSD) has also been increased by Rs 4.75 per litre. Per litre price of kerosene oil has been increased by Rs 4.00 and light diesel oil (LDO) by Rs 2.50. The new prices are effected from today (Friday) till March 31.
The Ministry of Finance declined the recommendations of Oil and Gas Regulatory Authority (OGRA) for up to Rs 9.44 per litre increase in petroleum prices and allowed an increase of Rs 4.75 per litre. The recommendations of OGRA to increase the prices of petroleum products were based on the international oil prices and 17 percent sales tax.
When contacted, official sources said that Federal Board of Revenue (FBR) would continue to charge standard rate of 17 percent sales tax on four petroleum products from March 1, 2019. The standard rate of 17 percent sales tax would be applicable on motor spirit, high speed diesel, Kerosene oil and light diesel oil.
As there is no change in the rates of sales tax on POL products during March 2019, therefore the FBR has not issued any fresh notification. In January 2019, sales tax on motor spirit, high speed diesel oil, kerosene and light diesel oil was increased from 8 percent, 13 percent, 2 percent and 0.5 percent, respectively, to 17 percent.
The Ministry of Finance by adjusting the sales tax and petroleum levy on petroleum products has allowed the increase in oil prices. After the increase, the price of HSD has gone up to Rs 111.43 per litre from the existing Rs 106.68 per liter while price of MS will now be Rs 92.88 per litre instead of Rs 90.38 per litre. Besides, LDO price has increased to Rs 77.53 per litre from Rs 75.03 per litre and kerosene oil per litre price reached Rs 86.31 from Rs 82.31. On Wednesday last, the OGRA recommended to increase the price of MS by Rs 4.71 per litre, high speed diesel by Rs 9.44 per liter, kerosene oil Rs 8.06 per litre and LDO by Rs 5.12 per litre.

Copyright Business Recorder, 2019

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