ISLAMABAD: The Prime Minister did not approve the summary of Oil and Gas Regulatory Authority (OGRA) and decided to retain the prices of petroleum products for the month of March.
Addressing a press-conference, Minister for Finance Ishaq Dar said that OGRA had recommended increase of Rs5.59 per litre in the price of petrol, Rs7.62 per litre in kerosene oil and Rs12.62 per litre in High Octane Blending Component (HOBC) and decrease of 5.49 in price of Light Speed Diesel (HSD) to the government due to increase in oil prices in the international market this month.
He said, however, Prime Minister Nawaz Sharif had asked him to develop a mechanism to retain prices of petroleum products until the end of March. He said the government has decided to adjust these prices by reducing duties on petroleum products.
He said the sales tax would be increased from 27 percent to 35 percent on high speed diesel, however, on petrol, high octane, light diesel and kerosene oil, it would be brought down to 18 percent from 25 percent.
The finance minister further said that Petroleum Development Levy will also be decreased on petrol by Rs 5.11 per litre, on light diesel by Rs 0.85, on kerosene oil by Rs 2.6, on high octane by Rs 0.18 per litre and on high speed diesel by Rs 0.31.
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