ISLAMABAD, Oct 31 (APP): Minister for Finance Senator Muhamamd Ishaq Dar on Monday said that Prime Minister Nawaz Sharif had rejected the summary of Oil and Gas Regulatory Authority (OGRA) to increase prices of petroleum products and decided to maintain the prices for next month of November.
Addressing a press conference here, Ishaq Dar said that according to the summary of OGRA, the price of petrol was proposed to be increased by Rs 2.32 per liter from existing price of Rs 64.27 per liter to Rs 66.56 per liter while the price of High Speed Diesel (HSD) was proposed to be increased from Rs 72.52 per liter to Rs 74.52 per liter.
Similarly the price of High Octane was proposed by OGRA to be increased by Rs 9.82 per liter to Rs 82.50 per liter whereas the price of Kerosene oil was also suggested to be increased by Rs 6.75 per liter from existing Rs 43.25 per liter to Rs 50 per liter.
“The total impact of not increasing the prices of petroleum products
would be around Rs 12 billion per month which would be borne by the
ministry of finance,” Dar informed.
He also presented the comparison of current ratio of Sales Tax on
these products as against the rate of sales tax being charged in March
2013.
The finance minister said that in March, 2013, Rs 14.70 was being
charged per liter of petrol while it would be Rs 9.10 per liter from November 01, 2016.
Similarly, he said, Rs 17.99 per liter would be charged on HSD
from November 1, 2016 as compared to the sales tax of Rs 15.66 per liter on this product while on kerosene oil the sales tax of Rs 0.85 against he Sales Tax of Rs 14.3 per liter in March, 2013 would be charged from November 01, 2016.
He said on Light Diesel Oil the sales tax of Rs 13.55 per liter was
being charged in March 2013 while now it would be charged only Rs 0.85 per liter.
He said on High Octane, Rs 10.56 as compared to Rs 19.32 per liter
would be charged.
