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PR No. 198 New petroleum prices and details of GST and PDL Islamabad

Finance Minister Senator Mohammad Ishaq Dar here on Saturday announced prices of petroleum products for the month of August 2016.

(Rs./Litre)

Product

Existing prices

w.e.f.01-07-2016

OGRA proposed Increase/ decrease Rs.

 

GRA proposed prices for 01 August, 2016

MS (Petrol)

64.27

2.12

66.39

High Speed Diesel

72.52

0.26

72.78

Kerosene (SKO)

43.25

3.94

47.19

HOBC

72.68

0.60

73.28

Light Diesel Oil

43.35

-1.24

42.11

 

            The Finance Minister announced that the Prime Minister has decided that the petroleum prices will be maintained at the level of July 2016 during the month of August 2016. The Government will absorb the financial impact of around Rs. 2 billion in the form of revenue loss.

Other than the announcement of the Petroleum Prices, the Finance Minister also gave details of different taxes collected on Petroleum Products during different time periods.

Petroleum Prices Details (Rs. /Litre)

Product

1st Mar 2013

1st Jun 2016

 

Price

GST

PDL

Price

GST

PDL

MS (Petrol)

106.60

14.70

10

64.27

9.36

9.68

HSD

113.56

15.66

      8

72.52

18.47

8

Kerosene

103.69

14.30

6

43.25

5.58

0.05

HOBC

140.06

19.32

14

72.68

10.58

11.89

LDO

98.26

13.55

3

37.97

1.86

0.05


Price

GST

PDL




MS (Petrol)

64.27

9.34

8.19




HSD

72.52

15.86

7.80




Kerosene

43.25

2.06

3.09




HOBC

72.68

10.56

13.49




LDO

43.35

3.40

2.86




The Finance Minister also announced the extension of reduced withholding tax rate of 0.4%for non-filers on banking transactions under section 236p of the Income Tax Ordinance, 2001 up to 31st August 2016.

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