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The Pakistan government on Saturday increased the petroleum levy on petrol and high-speed diesel (HSD) while leaving retail fuel prices unchanged for another week, despite a decline in international oil prices, The Express Tribune reported.
According to The Express Tribune, citing figures released by Pakistan's Petroleum Division, the petroleum levy on high-speed diesel (HSD) has been raised by PKR 6.57 per litre to PKR 79.54 per litre, while the levy on petrol has been increased by 39 paisa per litre to PKR 66.64 per litre. The petroleum levy on kerosene oil remains unchanged at PKR 20.36 per litre. The latest revision comes after the government decided not to pass on the benefit of lower global oil prices to consumers, opting instead to maintain petrol and diesel prices at existing levels for the coming week. However, the Pakistani government has reduced the price of kerosene oil by PKR 6.85 per litre. According to a notification issued by Pakistan's Oil and Gas Regulatory Authority (OGRA), the new price of kerosene has been fixed at PKR 227.05 per litre, down from PKR 233.90 per litre, as reported by The Express Tribune. Officials in the country's Petroleum Division said the increase in the petroleum levy applies only to petrol and high-speed diesel, while the levy on kerosene has not been revised. The latest changes mean consumers will continue paying the same retail prices for petrol and diesel, even as the government's revenue from the petroleum levy on the two fuels has increased. In a separate revision, the Pakistani government also cut the price of commercial aviation jet fuel by PKR 7.15 per litre, bringing the new rate down to PKR 231.72 per litre, The Express Tribune reported. Notably, on Thursday, oil prices saw a massive drop to pre-war levels after an agreement was reached between the US and Iran to end the hostilities in West Asia and also the opening of the strategic Strait of Hormuz, with Brent crude slipping to USD 72/barrel. The decline comes after a sharp 4 per cent fall in the previous session on that day, bringing Brent back to its closing level seen before the US-Iran conflict began. Furthermore, a clear sign of easing tensions has been the exit of stranded tankers from the strait following an initial accord to end the conflict, easing supply concerns after months of disruptions. (ANI)
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