The Federal Board of Revenue has begun stocktaking of Oil Marketing Companies (OMCs) after the government increased petrol prices by Rs25.58 on Friday, after concerns arose that OMCs may be able to evade taxes due by underreporting sales.
According to a report published by The News, petroleum companies and refineries have been directed to provide details of their stock till June 25. In addition they have also been directed to provide invoices issued against unrealised supplies prior to the price hike.
According to the report the OMCs might report higher sales at lower prices or report inventory losses due to the price petroleum price hike in a bid to evade taxes.
Earlier on Friday, the government announced that it will increase petroleum prices due to the increase in oil prices in the international market.
According to a press release issued by the Finance Division on Friday, the price of petrol has been increased by Rs25.58 to Rs100.10 per litre from its previous level of Rs74.52 per litre.
Similarly, Price of High Speed Diesel (HSD) has been increased by Rs21.13 to Rs101.46 per litre, from its previous level of Rs80.15 per litre.
Moreover, the price of Light Diesel Oil (LDO) has been increased by Rs17.84 to Rs55.98 per litre, from its previous level of Rs38.14 per litre.
Similarly, the price of Superior Kerosene Oil (SKO), has been increased by Rs23.50 to Rs59.06 per litre, from its previous level of Rs35.56 per litre.
Earlier on May 31, the government had reduced the price of petrol by Rs7.6 per liter in response to decrease in international oil prices.
