ISLAMABAD, Jan 31 (APP): Despite a considerable increase in the oil prices at international market, the government on Monday decided to keep the prices of petroleum products unchanged for the next fortnight to provide maximum relief to the general public.
“Despite revenue losses due to rising petroleum prices globally, the Prime Minister of Pakistan has deferred the proposal by OGRA to increase up to Rs. 16.79/Litre in the petroleum product prices,” said a press statement issued by the finance ministry.
The statement said that the Prime Minister desired that petroleum products’ prices would remain the same from February 1st, 2020 as notified earlier on January 15, 2022 for providing maximum relief to the general public,”
The Premier has further desired to keep the prices at the same level through adjustments in Sales Tax, if required, it added.
According to the statement, the petroleum products were showing substantial increase in the international market and presently trading at highest level since 2014.
It said, the oil prices had witnessed an increase of 14.5% just in last month in the global market.
The existing Sales Tax rate and Petroleum Levy on various petroleum products are much below the budgeted targets, it said adding the government was bearing the revenue loss of around Rs.30 billion (fortnightly) on account of budgeted to existing PL and ST rates and Rs. 260 billion annually due to reduced ST rate, the statement added.
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