Prime Minister (PM) Imran Khan on Monday decided against jacking up the prices of petroleum products (POL) by rejecting the Oil and Gas Regulatory Authority (OGRA) recommendation to hike the prices for the next fifteen days of November.
A statement release federal government in this regard said, “The prime minister has desired that the prices of petroleum products from November 16, 2021, shall remain the same as notified on November 4, for providing maximum relief to the general public.”
The statement added that the government will bear the burden by making adjustment in sales tax rate, etc.
The petrol price will remain unchanged at Rs145.82 per litre and that the price of diesel will remain Rs142.62 per litre as before. The prices of kerosene oil and light diesel are also expected to remain at Rs116.53 and Rs114.07, respectively.
According to sources, OGRA had worked out a Rs5 per litre hike in the price of petrol and HSD for the remaining half of the current month.
Earlier on November 5, the government had jacked up the prices of petrol and diesel by more than Rs8 per litre, days after the prime minister had announced a relief package for the masses.
Taking to Twitter, Finance Minister’s Spokesperson Muzzammil Aslam said: “History has been made today. In today’s petrol prices, the sales tax is effectively zero per cent”.
History has been made today. In today’s petrol prices the Sales Tax is effectively zero% pic.twitter.com/93LYjU1TeQ
— Muzzammil Aslam (@MuzzammilAslam3) November 15, 2021
Meanwhile, National Business Group Pakistan Chairman and former provincial minister Mian Zahid Hussain on Monday said that oil prices are falling in the international market but there is no relief in sight for the people in Pakistan.
He said that the price of oil in the global market has been falling for three consecutive weeks due to lack of demand and expectations of increased supply. “The government is not transferring the benefit of reduced oil prices in the international market to the masses who are braving the destructive impact of inflation on their buying power.”
“Rather, the government is planning to increase the oil prices which will further burden the masses which are already reeling under record inflation,” he said.
A day earlier, Prime Ministers Advisor on Finance Shaukat Tarin had hinted that petrol will become more expensive as the Pakistani rupee continues to depreciate against the US dollar.
Tarin had said that that if global prices go up, then Pakistan will also have to follow suit.
