By Staff Reporter
ISLAMABAD: The government on Wednesday revised the prices of petroleum products, increasing the rates of petrol by Rs2.07 per liter with effective from September 1, 2022.
According to a statement issued by the finance ministry, petrol would now be sold at Rs.235.98 per liter against its sale at Rs.233.91. Likewise, the prices of high-speed diesel have been increased by Rs2.99 per liter, from Rs244.44 per liter to Rs247.43.
The price of kerosene oil has been increased from Rs199.40 per liter to Rs210.32, an increase of Rs10.92 whereas the prices of light diesel oil have been enhanced by Rs9.79 per liter, from Rs191.75 to Rs201.54.
The increase was expected because of the exchange rate fluctuation and an increase in the petroleum levy in line with commitment with the International Monetary Fund (IMF).
Under the IMF deal, the government has to gradually increase the PDL on oil products to a maximum of Rs50 per litre to collect Rs855bn during the current fiscal year.
At present, GST is zero on all four fuel products against the normal tax rate of 17pc. However, the government is currently charging a petroleum development levy of Rs15 to Rs25 per litre on various products. It is also charging a customs duty of about Rs20 per litre on petrol and HSD.
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