POL prices surged by up to Rs10.95/litre

October 17, 2021 (MLN): The government on Saturday decided to increase the price of petroleum products by up to Rs10.95 per litre owing to the strong surge in global energy prices.

According to a notice issued by Finance Division, the oil prices in the international market had risen around $85 a barrel which was the highest since October 2018.

Importantly, entire energy chain prices have witnessed a strong surge in the past couple of months due to higher demand for energy inputs and supply bottlenecks.

In the current scenario, the government had absorbed the pressure of increasing international rates and provided maximum relief to consumers by keeping the petroleum levy and sales tax to a minimum, the notification added.

"Therefore, prices worked out by Oil & Gas Regulatory Authority (OGRA) have been approved," the ministry said.

 The prices of petrol and high-speed diesel (HSD) have moved up by Rs10.49 and Rs12.44 per liter, respectively. While the prices of Kerosene Oil and Light Diesel Oil enhanced by Rs10.95 and Rs8.84 per litre.

The new prices of Petrol, HSD, Kerosine oil, and Light diesel now stand Rs 137.79, Rs134.48, Rs110.26, and Rs108.35 per litre respectively.

The new prices are effective from October 16, 2021, for the next fifteen days.

Taking to its official Twitter handle, Muzzammil Aslam, Spokesperson to the Finance Minister said, “The petroleum prices increased by 8.24% vs 13.5% in the international market in last fortnight.”

The government is still compromising its due shares in taxes and levy. Total PL incorporated at Rs5.62 per litre while Sales tax calculated as 6.84%, he added.

Undoubtedly, the rising petroleum prices are affecting both; the government and the people. However, the government is trying its best to give relief to the people by reducing food prices.

He also highlighted that the flour prices have been reduced from Rs75 to Rs55 per kg within a week.  In addition, the Federal Board of Revenue (FBR) has been directed to reduce the tax on edible oil.

Copyright Mettis Link News