ISLAMABAD: The government on Monday kept the prices of all petroleum prices unchanged for the next 14 days (May 31) by reducing tax rates.

“In order to provide relief to the common man, the Prime Minister has decided to maintain the prices of petroleum products as they were on May 1, 2021 and a fortnight before that,” an announcement by the Finance Division said.

The government has to adjust the petroleum levy on all petroleum products and a reduction in sales tax as well in case of kerosene oil and light diesel oil to maintain the same price, adding the government will bear a revenue loss of Rs2.77 billion until May 31.

As such, the ex-depot price of petrol and high speed diesel (HSD) would remain unchanged at Rs108.56 and Rs110.76 per litre, respectively. Likewise, the ex-depot price of kerosene oil and light diesel oil (LDO) would also stay unchanged at Rs80 and Rs77.65 per litre, respectively. Based on existing tax rates, the Oil & Gas Regulatory Authority (Ogra) had recommended an increase in the prices of all petroleum products.

For petrol and HSD, Ogra had recommended an increase of Rs1.90 and Rs3.25 per litre.

Published in Dawn, May 18th, 2021