ISLAMABAD: In spite of a hike in the prices of petroleum products in the international market, the government has decided not to increase the prices, Minister for Finance Ishaq Dar said.
The Oil and Gas Regulatory Authority (OGRA) had proposed increase in POL products prices for the month of March. Dar said that because of the increase in the petroleum prices in the international market, OGRA had proposed an increase in petrol price by Rs 5.59 per litre, high octane by Rs 12.62, kerosene oil by Rs 7.32 and light diesel rice by Rs 5.5 per litre. It proposed decrease in the price of high speed diesel by Rs 5.49 per litre.
Addressing a press conference, he added, “But after using constitutional powers, the government will adjust the prices of petroleum products by reducing duties on petroleum prices,” saying that sales tax on petrol, high octane, kerosene oil and light diesel would be reduced from 27 percent to around 18 percent. However, on high speed diesel, the sales tax would be increased from 27 percent to around 35 percent.
