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Federal government has allowed a substantial increase in the prices of petroleum products for the month of June. In an upward revision, the price of Motor Spirit (MS) increased by Rs 4.26 per litre. The price of High Speed Diesel (HSD) increased by Rs 4.50 per litre.
The price of kerosene oil increased by Rs 1.69 per litre and Light Diesel Oil's (LDO's) by Rs 1.68 per litre.
Ministry of Finance announced the new prices of petroleum products late night on Friday after making adjustments in sale tax. Oil Marketing Companies have been informed about new prices through an internal mechanism as prices of petroleum products are not notified.
According to a notification issued by the Federal Board of Revenue (FBR), it has increased sales tax MS from existing 12 percent to 13 percent. Sales tax on HSD has been decreased from 17 percent to 13 percent. Sales tax on Kerosene and LDO remains 17 percent during June.
The price of MS has been increased from Rs 108.42 per litre to Rs 112.68 per litre. The new price of HSD is now Rs 126.82 from last month's price of Rs 122.32 per litre. The price of Kerosene Oil has been increased from Rs 96.77 per litre to Rs 98.46 per litre while price of LDO has been hiked from Rs 86.94 per litre to Rs 88.62 per litre.
Based on import parity price of Pakistan State Oil (PSO), Oil and Gas Regulatory Authority (Ogra) worked out about Rs 8.99 per litre increase in the price of HSD, Rs 8.53 per litre in petrol's, Rs 1.69 per litre in kerosene's and Rs 1.68 per litre in LDO's. The government increased general sales tax on all petroleum products to a standard rate of 17 percent except 12 percent on petrol for previous month of May.
Sources said that the adjustment in sale tax on petroleum products, a major source of revenue, would have an estimated Rs 5 billion revenue impact. The government also did not pass on full impact of increased petroleum products for the month of May.

Copyright Business Recorder, 2019

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