PM turns down proposal to increase POL prices

Petrol prices oil - PM turns down proposal to increase POL prices

ISLAMABAD: Prime Minister Imran Khan has turned down the proposal for an increase in the prices of petroleum products.

According to the text of the summary shared by the PMO, petroleum products’ prices are fluctuating in the international market and the variation in the exchange rate is also affecting the prices.

“The existing sales tax rates ranging [from] 0.20 percent to 6.75pc are below the benchmark rate of 17pc, and PL (petroleum levy) rates [ranging between] Rs0 per litre to Rs9.62 per litre are also reduced vis-a-vis the budgeted PL rate of Rs30 per litre,” the summary said.

Read More: Tarin hints at another petrol price hike

In the summary, Ogra suggested that the existing price of petrol should be increased by Rs5 to 150.80 per litre and that of high-speed diesel (HSD) also by Rs5 to Rs147.62 per litre, effective from November 16. No increase was suggested in the price of Kerosene and light diesel oil (LDO).

It added that the Finance Division, in consultation with the Federal Board of Revenue, should place the matter pertaining to the adjustment of sale tax rates for petroleum products before the federal cabinet, if required.

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