Petroleum prices kept unchanged for November: Dar

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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.