Current Government of Pakistan has announced the news over reducing the cost of petroleum by Rs. 2 per litre. This decision is taken as by negating the proposed hike by the Oil and Gas Regulatory Authority.
Finance Minister Asad Umar while addressing to the media announced that there is a decrease of Rs. 2 per litre in petrol and diesel prices. This price in the category of kerosene oil has been cut by Rs. 3 per litre. On other side, the light diesel oil price has been on the whole slashed by Rs5 per litre. Price of domestic gasoline is all decreased by Rs. 2 per litre as according to the announcement.
OGRA has sought up with the increase as up to the cost of Rs. 10 in the prices of petroleum products. In the summary as designed by the petroleum division, the authority had added the recommendation as over the increase of Rs. 6.21 per litre in petrol prices, as well as Rs. 2 per litre in diesel prices, along with the Rs. 9.91 in kerosene oil prices and Rs. 7.79 in light diesel prices.
Asad Umar stated that on the global level the prices increased in the month of October. Plus the government only increased the petroleum prices by half as much that month. This had been raised over the amount as by Rs. 5 per litre in the month of October.
The finance minister added in his statement that the sector of Petroleum Development Levy (PDL) on petrol has been cut to the cost of Rs. 6.15 from Rs. 10. Plus the sector of PDL on diesel has been reduced to the cost of Rs. 6.56 from the cost of Rs. 8. The range of the sales tax has been also reduced over the cost of 15 per cent to 4.5 per cent on petrol, to the range of around 27.5 per cent to 12 per cent on diesel. The cuts over the sales tax and PDL were made to somehow keep the petroleum prices into the checking mode.
On top of the price revision, the petrol cost will be sold for around Rs. 95.83 per litre, as well as diesel at Rs. 110.94 per litre, and the kerosene oil at Rs. 83.50 and light diesel oil at Rs. 77.44. The issue will started from 1st December 2018.
This step by the side of Government will be bringing much sake of improvement in the near future definitely. What are your comments on this action?
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23 August, 2019