ISLAMABAD: The Oil and Gas Regulatory Authority (Ogra) has submitted the required paperwork to the Ministry of Finance, suggesting a decrease in petroleum prices by Rs10.30 per litre.
According to the calculation of Ogra, the prices of high-speed diesel can be reduced by Rs8.65 per litre and petrol by Rs10.30 per litre.
However, in its staff-level agreement with the International Monetary Fund (IMF), the government had decided to increase the petroleum development levy (PDL) by Rs4 per litre every month to take the overall increase to Rs.30 hoping to yield an additional revenue of Rs365 billion.
Currently, the general sales tax charged on petrol is Rs2.34 per litre and on diesel is Rs9.80 per litre. The deemed/customs duty on diesel is Rs10.45 per litre and Rs11.33 per litre on petrol. The petroleum levy on diesel is charged Rs13.15 per litre and Rs13.62 per litre on petrol.
A revenue of Rs27.30 per litre is generated through petrol and Rs33.38 per litre by high-speed diesel.