Govt kept POL prices unchanged

MG News | February 01, 2022 at 12:50 AM GMT+05:00

0:00

January 31, 2022 (MLN): Despite rising petroleum prices globally, the government on Monday kept petroleum product prices unchanged, rejecting OGRA’s proposal to increase POL prices by up to Rs. 16.79/Litre.

According to a press statement issued by the finance ministry, the Prime Minister desired that petroleum product prices shall remain the same from 1st February 2022 as notified earlier on 15th January 2022 for providing maximum relief to the general public.

The Prime Minister has further desired to keep the prices at the same level through adjustments in Sales Tax if required, it added.

The statement said that the petroleum products are showing a substantial increase in the international market and presently trading at the highest level since 2014. The oil prices have witnessed an increase of 14.5% just in last month in the global market.

It further noted that the existing Sales tax rate and Petroleum Levy on various petroleum products are much below the budgeted targets.

The Government is bearing the revenue loss of around Rs.30 billion (fortnightly) on account of budgeted to existing PL and ST rates and Rs260 billion annually due to reduced ST rate, it added.

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	157,074.43 44.73M	0.57% 896.61
ALLSHR	96,146.08 153.72M	0.54% 515.69
KSE30	47,912.78 41.80M	0.49% 234.32
KMI30	231,233.31 22.84M	0.68% 1551.09
KMIALLSHR	64,738.37 59.52M	0.58% 371.61
BKTi	42,194.93 25.44M	0.65% 272.13
OGTi	31,680.63 3.98M	-0.17% -55.16

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	118,120.00	118,295.00 116,115.00	2295.00 1.98%
BRENT CRUDE	67.82	68.01 67.50	-0.13 -0.19%
RICHARDS BAY COAL MONTHLY	84.00	0.00 0.00	-0.40 -0.47%
ROTTERDAM COAL MONTHLY	93.50	93.50 93.50	0.15 0.16%
USD RBD PALM OLEIN	1,106.50	1,106.50 1,106.50	0.00 0.00%
CRUDE OIL - WTI	63.55	63.82 63.24	-0.50 -0.78%
SUGAR #11 WORLD	16.23	16.59 16.23	-0.33 -1.99%