01 June 2004	Tuesday	12 Rabi-us-Saani 1425

KARACHI, May 31: The government has again taken a hit on itself by cutting the petroleum development levy (PDL) on all domestic oil products to keep the oil prices unchanged for the next fortnight (from June 1-15).

The Oil Companies Advisory Committee (OCAC) has said that the increase in domestic oil prices have been adjusted against the PDL of the government. Not withstanding the increasing trend in the international oil prices, the government has decided to maintain the existing level of different POL products in order to provide relief to the common men, the OCAC said on Monday.

This is the second consecutive price freeze by the OCAC on the instructions of the government. On May 15, the prices had also been kept unchanged. Later, giving details, OCAC Secretary-General Abid Saeed Ibrahim told Dawn that the government has cut the PDL on petrol to Rs7.59 per litre followed by decline in levy to Rs8.39 per litre on high octane blending component (HOBC), 73 paisa on kerosene, 58 paisa on high speed diesel (HSD).

There is no PDL on the light diesel oil (LDO). He, however, did not give the previous rate of PDL but added that the levy had been brought down sharply to provide relief to the general public. Meanwhile, market sources said the PDL on petrol a month back was eight rupees per litre which is now set at Rs7.59 per litre.