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Economy

Govt Needs More Relief than People, Partial Cut in Petroleum Prices Likely

Ogra calculated more relief for relief, the government would offer partial relief for people.

The Oil and Gas Regulatory Authority (Ogra) on Tuesday recommended a reduction of Rs1.50 per liter in the price of petrol and Rs5.40 per liter in price of high speed diesel (HSD) with effect from April 1, 2021.

Sources in the Petroleum Division stated that the federal government may not pass on full relief to the public as it did not pass on full impact of petroleum prices internationally in recent months. Ogra has computed the ex-depot prices on the basis of current petroleum levy and general sale tax rates.

In the second half of March, the federal government raised ex-refinery prices by reducing petroleum levy rates on petroleum products.

In case, the government opts to revise the petrol price downward by Rs1.50 a liter, the prices will come down to Rs110. 40 per liter from the current Rs111.90 per liter. The price of HSD will also be reduced to Rs110.58 per liter from Rs116.08 per liter.

The government is currently charging two types of taxes on petroleum products. It is charging petroleum levy in addition to collecting general sales tax on petroleum products.

When global oil prices went down due to the Covid-19 fuelled lockdowns, Pakistan was the only country that had imposed a ban on the import of cheaper petroleum products whereas other countries like India, Bangladesh and China had imported petroleum products in bulk to fill their storages with cheaper petroleum products.

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