ISLAMABAD – Petroleum Prices in Pakistan may register drastic rise asgovernment has raised the petroleum tax upon the product.
A nearly 200 per cent hike in petroleum levy has been proposed in thebudget for fiscal year 2018-19.
According to the Finance Bill 2018, taxes on high-speed diesel oil andhigh-octane fuel would be raised from Rs 10 per litre to nearly Rs 30. Asimilar raise is proposed for light-speed diesel and gasoline. The levy onlocally sourced liquefied petroleum gas could go up by more than 300 percent.
Separately, the Oil and Gas Regulatory Authority has recommended a hike inprices of petroleum products for May.
In a summary sent to the Ministry of Petroleum, the OGRA has recommended anRs 3.22 per litre raise in the prices of petrol fuel. A Rs 6.97 per litreraise has been recommended for kerosene oil and Rs 6.95 per litre fordiesel oil.
The petroleum levy enhancement proposal has become very unpopular.