PM rejects hike in petrol prices

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April 15, 2022 (MLN): The government on Friday has decided to keep the petrol prices unchanged for the next fortnightly.  

Prime Minister Muhammad Shehbaz Sharif has rejected the summary submitted by the Oil and Gas Regulatory Authority (Ogra) wherein it recommended the government to increase fuel prices by up to Rs83 per liter.

The fuel price regulator has recommended the government two options i) to reduce the sales tax and incidence of petroleum levy to zero and ii) to impose a 17% sales tax and Rs30 petroleum levy on the per liter prices.

The current price of petrol stands at Rs149.86 per litre, whereas the per litre prices of high-speed diesel, kerosene oil, and light diesel stand at Rs144.15, Rs125.56, and Rs118.31, respectively.

Speaking to Mettis Global, Khurram Schehzad, an Economist said, “Keeping the petroleum prices unchanged is an absolutely wrong decision made by the new government.”

“Pakistan Tehreek-e-Insaf (PTI) did wrong and then this govt is doing no good either in this case,” he added.

He went on to say that it is the downside of having a preference for politics over the economy.

Copyright Mettis Link News

Posted on: 2022-04-15T20:10:41+05:00

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$2.88 billion

Pakistan's merchandise trade deficit for the month of November

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