Govt leaves petroleum prices unchanged for May

Prices to remain unchanged despite increase in duty, sales tax on petroleum products

ISLAMABAD: Even as the government announced additional duty and taxes on petroleum products in the country, it left prices for petroleum products unchanged for the month of May.

While talking to the media on Thursday, the Finance Minister Ishaq Dar said that “after making adjustment in sales tax and petroleum levy, the prices of the products would remain unchanged for the next month.”

“Due to change in prices of petroleum products in the international market, the Oil and Gas Regulatory Authority (OGRA) had recommended to increase the price of high octane by Rs9.43 per liter, kerosene oil by Rs2.11 and light diesel oil by Rs3.38 per liter.”

OGRA had further recommended decrease in prices of petrol by Rs1.00 (from Rs74.29 to Rs73.29) per litre and that of High Speed Diesel (HSD) by Rs1.06 (from Rs83.61 to Rs82.55) per liter.

However, Dar said that after approval from the Prime Minister Nawaz Sharif, the government had decided to keep the prices unchanged for May.

The prices of different petroleum products in May would be:

High Octane Blending Component (HOBC) Rs80.18 per litre,

Petrol Rs 74.29 per litre,

High Speed Diesel Rs 83.61 per litre,

Light Speed Diesel Rs 57.94 per litre, and

Kerosene Oil Rs 61.44 per litre.