Daily Times

ISLAMABAD: The government has decided to keep the prices of petroleum products unchanged for the month of August. Talking to newsmen in Islamabad on Saturday, Finance Minister Ishaq Dar said the decision had been made on the directive of Prime Minister Nawaz Sharif. He said the government would provide subsidy of Rs 2 billion on the prices of petroleum products.

Dar said that maximum relief on oil prices was being provided to the people. He said the prices of petroleum products in Pakistan were comparatively lower than other countries of the region.

Earlier, PM Nawaz turned down the increase in the fuel prices proposed by the Oil and Gas Regulatory Authority (OGRA).

“The OGRA had presented a summary to the prime minister, proposing an increase in oil prices by four to nine percent, which was rejected by the Prime Minister,” Dar said.

Giving details, the minister said that the OGRA had proposed to increase the price of petrol by Rs 2.12 per litre, high speed diesel by Rs 0.26, kerosene oil by Rs 3.94 and the price of high octane blended component (HOBC) by Rs 0.60 per litre. The OGRA had also proposed to reduce the price of light diesel oil by Rs 1.24. The minister dispelled the impression that the current government had imposed extra duties on petroleum products.

Giving comparison in this regard, Dar said the general sales tax (GST) on petrol in March 2013 was Rs 14.7 per litre and petroleum development levy (PDL) was Rs 10 per litre against GST of Rs 9.34 and PDL of Rs 8.19 per litre as of June 1, 2016, which would remain unchanged on August 1, 2016.