On Friday, the federal government decided to retain oil prices same in order to provide relief to customers in the holy month of Ramazan.
The Ministry of Finance in a report said that in line with the vision of Prime Minister Imran Khan to provide relief to consumers in the holy month of Ramazan, the government has decided not to increase the prices of the petroleum products.
The enactment of this proposal needs an adjustment in the rates of petroleum tariff on all petroleum products and a reduction in sales tax as well in case of kerosene oil and light diesel oil.
It is appropriate to mention that the government was not charging any petroleum levy (PL) on kerosene and light diesel oil. The collective revenue impact of the decision will be Rs4.8 billion.
The prices of petroleum products will be effective from May.
The price of petrol has been sustained at Rs108.56 per liter, High Speed Diesel Rs110.76 per liter, kerosene oil Rs80 per liter and Light Diesel Oil (LDO) Rs77.65 per liter.
The Oil and Gas Regulatory Authority (OGRA) had projected a hike in prices of petroleum products effective from May 1.