PID

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	1^st Mar 2013			1^st 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 31^st August 2016.

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