The federal government is not looking to impose the general sales tax (GST)on petroleum products, however, the petroleum development levy (PDL) wouldbe jacked up to Rs. 50 per liter by April 2023, Ministry of PetroleumSecretary Ali Raza Bhutta said on Friday.
At a meeting of the Senate Standing Committee on Petroleum, Bhutta statedthat Pakistan State Oil (PSO) has a 55 percent stake in the petroleummarket of the country. Such a high market share of the state-owned companyis enough to prevent any kind of collusion in the oil market.
Oil and Gas Regulatory Authority (OGRA) Chairman Masroor Khan apprised thecommittee that several petroleum standards exist in Pakistan based on whichpetroleum prices are fixed.
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In response to recent news regarding deregulation of petroleum prices, hesaid that high octane, furnace oil and other products were deregulatedearlier, with the incumbent government setting its eyes on deregulatingpetrol and diesel. However, he highlighted that the process of deregulationwould take time to complete.
