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Pakistan petrol price goes up by Rs25

SAMAA | - Posted: Jun 26, 2020 | Last Updated: 2 months ago
SAMAA |
Posted: Jun 26, 2020 | Last Updated: 2 months ago
Pakistan petrol price goes up by Rs25

People stand in a queue in Karachi May 1 as the government has reduced petrol prices in Pakistan for May on the recommendation of the Oil and Gas Regulatory Authority during the lockdown. Photo; Online

The federal government has increased the petrol price by Rs25.58 per liter, effective immediately. A liter of petrol will now sell for a little over Rs100 again.

The price of high speed diesel has been increased by Rs21.31, according to a notification issued by the Finance Division. The prices of kerosene and light diesel oil have gone up by Rs23.50 and Rs17.84, respectively.

The Oil and Gas Regulatory Authority proposes new rates in a summary to the government at the end of every month. But this time the government increased the prices on the recommendation of the Petroleum Division.

The government has cut local prices four times since March 1, resulting in an overall drop of Rs42.1 per litre from Rs116.56 to Rs74.5 per litre (official rates). It was able to do so after international crude oil prices crashed.

However, the government doubled petrol tax from Rs15 as of January to Rs30 now. The government charges sales tax on petrol at 17%, but it keeps changing the amount of the petroleum levy, which is its main tool to increase tax revenue from oil consumption or pass on any relief to the consumers. Presently you pay Rs41 on every liter of petrol, including sales tax.

The government determines local prices based on past prices of international oil. It calculates prices by keeping in view the rates at which crude oil was imported by the country. That means the petrol you consume today was imported in its raw form weeks earlier.

On June 22, this publication reported that petrol prices for July are likely to increase. This is because the price of international crude oil has also increased from $20 a barrel two months ago to more than $40 per barrel in June.

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6 Comments

  1. Shahid  June 27, 2020 12:08 am/ Reply

    Char din ki chandni…

  2. zeeshan shani  June 27, 2020 6:59 am/ Reply

    become

  3. Muhammad Faisal cheema  June 27, 2020 8:28 am/ Reply

    PlZ save no for subscriber

  4. Imran  June 27, 2020 1:35 pm/ Reply

    We are already paying hell a lot of taxes on each and every thing, e.g. heavy taxes on utility bills, subsidy which was given by previous govt., We are paying back now in new bills as surcharge.. the sales tax on everyday consumer items has become a purchase tax, which is also getting out of end consumer’s pocket… In our country an unemployed person also pay taxes…. Tax, tax and tax, no return of our taxes, a tax payer doesn’t have any respect in fact he has to pay more taxes for the Lavish perks and expensive cars and free petrol for the government officials, while tax thiefs have no grip on them and they are having fun with the Looted money in home and Ooh…This was not done in Riasat-e-Madina…

  5. Rameez Frank  June 27, 2020 3:34 pm/ Reply

    Thank You PTI goverment & imran khan, for ruining our lives once again !

  6. Malik Sadi  June 27, 2020 8:12 pm/ Reply

    Shabash imran khan berra ghrq kr do hr chez ka

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