ISLAMABAD: The government on Friday kept the prices of petrol and high speed diesel (HSD) unchanged at Rs248.38 and Rs255.14 per litre, respectively, for the next fortnight, but increased the rate of re-gasified liquefied natural gas (RLNG) by up to 2.7 per cent for November.
In a late-night announcement, the Ministry of Finance said the Oil and Gas Regulatory Authority (Ogra) had worked out the consumer prices of petroleum products based on price variations in the international market during the last two weeks. As a result, it was decided that the prices of petrol and HSD would remain unchanged during the next fortnight.
On the other hand, Ogra notified the increase in the price of RLNG by 2.5pc to $13.26 per million British thermal unit for SNGPL and by 2.7pc to $12.80 per mmBtu for SSGCL. It said the increase was necessitated by higher imported price.
At present, the government is charging about Rs76 per litre tax on both petrol and HSD. Although general sales tax (GST) is zero on all petroleum products, the government is charging Rs60 per litre petroleum development levy (PDL) on both products that normally impact the general public.
The government is also charging about Rs16 per litre customs duty on petrol and HSD, irrespective of their local production or imports. In addition, about Rs17 per litre distribution and sale margins are going to oil companies and their dealers.
Petrol and HSD are the major revenue spinners with their monthly sales of about 700,000-800,000 tonnes per month compared to just 10,000 tonnes of monthly demand for kerosene.
On the other hand, the government is charging Rs50 per litre PDLon light diesel and high octane blending component and 95RON petrol used by the wealthy in luxury imported vehicles.
Published in Dawn, November 16th, 2024
