ISLAMABAD - The government on Tuesday once again enhanced the prices of petrol and high speed diesel by Rs1.71 per litre and Rs1.52 per litre, respectively, for the month of March.

Petrol price went up to Rs73 per litre and high speed diesel price made dearer to Rs82 per litre for the current month.

Finance Minister Ishaq Dar announced the new oil prices after consulting with Prime Minister Nawaz Sharif.  He informed that there would be no role of paisas in oil prices furthermore. Therefore, kerosene oil prices have been revised to Rs44 per litre from Rs43.25 per litre. Similarly, light diesel oil price has been fixed at Rs44 per litre from Rs43.44 per litre.

The Oil and Gas Regulatory Authority (Ogra) had proposed the Ministry of Petroleum and Natural Resources and Ministry of Finance to enhance the oil prices upto Rs17.55 per litre or 40 percent. The Ogra had recommended increasing the kerosene oil price by 40.57 percent or Rs17.55 per litre. Similarly, it had also asked to enhance the price of light diesel oil (LDO) by 25.24 percent or Rs10.94/litre. However the government, turning down the summary of Ogra, and kept kerosene oil and LDO prices unchanged.

Similarly, the Ogra had advised to enhance the petrol price by Rs2.96 per litre and high speed diesel oil price by Rs2.18 per litre. However, the government partially accepted the summary of Ogra in these two oil products, as it increased the petrol price by Rs1.71 per litre and high speed diesel oil by Rs1.52 per litre.

The finance minister said that the government will bear the remaining expense of Rs4 billion.

It is relevant to mention here that government is increasing oil prices from the last few months. The government has enhanced the petrol price by Rs9 per litre in last three months, taking from Rs64.2 per litre in November to Rs73 per litre in March. Similarly, the price of high speed diesel has been increased to Rs82 per litre from Rs72.52 per litre of November last year. However, the government has not revised the prices of kerosene oil and light diesel oil in the last three months in order to provide relief to the people.

On the other hand, the government had reduced the General Sales Tax (GST) on oil prices in last few months. The Federal Board of Revenue (FBR) is struggling to achieve its tax collection target due to the lower taxes on petroleum products.

 

PPP REJECTS INCREASE IN PRICES

 

Former finance minister Senator Salim Mandviwala yesterday rejected the increase in petroleum prices by the government.

In a statement, the Pakistan People’s Party leader claimed the government had failed in collecting revenue and now is increasing petroleum prices every fortnightly to overcome the shortfall in revenue collection.

Senator Mandviwala said the government was faced with Rs 200 billion shortfall in revenue by this time and further Rs 200 billion shortfall was expected before the end of current fiscal year. “The country is facing economic crisis due to the economic policies of the government,” he said.

The lawmaker said that the government was relying on privatization and increase in petroleum prices to overcome losses in revenue collection and now government is planning to auction three big airports for the same purpose.

“This is a government which is auctioning national assets whereas good governments increase their national assets. Prices of daily used items will increase by the raise in petroleum prices and people will suffer immensely,” he added.

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down the summary of Ogra, and kept kerosene oil and LDO prices unchanged.

Similarly, the Ogra had advised to enhance the petrol price by Rs2.96 per litre and high speed diesel oil price by Rs2.18 per litre. However, the government partially accepted the summary of Ogra in these two oil products, as it increased the petrol price by Rs1.71 per litre and high speed diesel oil by Rs1.52 per litre.

The finance minister said that the government will bear the remaining expense of Rs4 billion.

It is relevant to mention here that government is increasing oil prices from the last few months. The government has enhanced the petrol price by Rs9 per litre in last three months, taking from Rs64.2 per litre in November to Rs73 per litre in March. Similarly, the price of high speed diesel has been increased to Rs82 per litre from Rs72.52 per litre of November last year. However, the government has not revised the prices of kerosene oil and light diesel oil in the last three months in order to provide relief to the people.

On the other hand, the government had reduced the General Sales Tax (GST) on oil prices in last few months. The Federal Board of Revenue (FBR) is struggling to achieve its tax collection target due to the lower taxes on petroleum products.

PPP REJECTS INCREASE IN PRICES

Former finance minister Senator Salim Mandviwala yesterday rejected the increase in petroleum prices by the government.

In a statement, the Pakistan People’s Party leader claimed the government had failed in collecting revenue and now is increasing petroleum prices every fortnightly to overcome the shortfall in revenue collection.

Senator Mandviwala said the government was faced with Rs 200 billion shortfall in revenue by this time and further Rs 200 billion shortfall was expected before the end of current fiscal year. “The country is facing economic crisis due to the economic policies of the government,” he said.

The lawmaker said that the government was relying on privatization and increase in petroleum prices to overcome losses in revenue collection and now government is planning to auction three big airports for the same purpose.

“This is a government which is auctioning national assets whereas good governments increase their national assets. Prices of daily used items will increase by the raise in petroleum prices and people will suffer immensely,” he added.