Govt further jacks up oil prices

ISLAMABAD     –   The upward journey of the POL rates continued as the government Thursday once again increased the prices of petroleum products by up to Rs 18.83/litre.

Under severe pressure from International Monetary Fund, the government has imposed petroleum levy of up to Rs 10/litre on various POL products for the month of July. The price of Petrol has been increased by Rs 14.85/litre, High Speed Diesel by Rs 13.23/litre, Kerosene Oil by Rs 18.83/litre and Light Diesel Oil by Rs 18.68/litre for the first fortnightly of July, said the official notification issued by the Finance Division.

The prices will be applicable from July 1, 2022.

After keeping it zero for long time, by both the PTI and present regimes, the government has finally imposed up to Rs 10/litre Petroleum Levy on POL products. The government has imposed Rs 10/litre Petroleum Levy on Petrol, Rs5/litre each on HSD, SKO and LDO. The previous government could imposed up Rs 30/litre PL on POL products, but after the new amendments it has been jacked up to Rs 50/litre. The government has already announced to increase the PL in phases and will take it to Rs 50/litre.

The impact of rupee devaluation and international crude prices variation is Rs 4.85/litre on Petrol, Rs8.23/litre on HSD, Rs13.83/litre in SKO and Rs 13.68/litre on Light Diesel Oil.

After the upward revision, the price of Petrol will increase from the existing Rs 233.89/litre to Rs 248.74/litre, HSD from the existing Rs 263.31/litre to Rs276.54/litre, SKO prices will go up to Rs 230.26/litre from the existing Rs 211.43/litre, while LDO will be increased to Rs 226.15/litre from the current Rs 207.47/litre.

It is worth to mention here that the prices of petroleum prices had been abnormally increased during the past one-and-a-half months.

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