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POL product prices have risen to Rs4.14 as a “New Year’s gift”

ISLAMABAD: The federal government has declared that, starting January 1, 2022, ex-depot prices for all petroleum products would rise to Rs 4.15 per litre.

Later on Friday evening. According to the Finance Division, during the fortnightly review of petroleum product prices, Prime Minister Narendra Modi rejected the proposal of the Oil and Gas Regulatory Authority (OGRA) for an increase in petroleum product prices and advised only a Rs 4 per litre increase to meet the IMF’s petroleum levy (PL) target.

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It also states that the sale tax on gasoline and high-speed diesel (HSD) has been reduced from December 16, 2021 to December 16, 2022 in order to keep prices low.

The ex-depot price of Petrol and HSD are increased by Rs 4 per litre. The ex-depot price of light diesel oil (LDO) increased by Rs 4.15 per litre and Rs 3.95 per litre increased the price of Kerosene Oil (SKO) for first half of January 2022.

New price of petrol is increased to Rs 144.82 per litre, the ex-depot price of HSD is increased to Rs 141.62 per litre from Rs 137.62 per litre. The rate of Sko is raised to Rs 113.53 per litre from Rs 109.53 per litre and LDO price is increased to Rs 111.06 per litre from Rs 107.06 per litre.

The PL rate on petrol is raised to Rs 17.62 per litre from Rs 13.62 per litre. The PL rate on HSD is also revised from Rs 13.14 to Rs 17.14 per litre. The PL rate on SKO is increased to Rs 9.86 per litre and LDO rate is increased to Rs 7.66 per litre.

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Federal Board of Revenue (FBR) has yet to notify the new rate of GST on petroleum products with effect from January 1, 2022. However, the GST on petroleum products was notified with effect from December 16, 2021 was increased to 4.77 percent from 1.63 percent on petrol, the HSD rate was also increased to 9.08 percent from 7.37 percent. In addition, the GST on SKO and LDO were also revised upward. SKO rates were 8.30 percent after increased from 8.19 percent and LDO rates is increased to 2.70 percent from 0.46 percent.

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