Pakistan News Service

Wednesday May 22, 2019, Ramadan 17, 1440 Hijri
Pakistan News Home -> Tribune Corner -> News Details

Govt to fix oil prices

30 November, 2018

  Related News  
Effort to follow State of Madina during first 100 days of govt: Imran Khan
Multi-role drone built by GIDS introduced in IDEAS
  More on this View All

ISLAMABAD: The government is in a fix over the issue of changes in oil prices due to falling international market and its changing strategy to start mopping up revenues to finance the growing fiscal deficit. Informed sources said the Oil & Gas Regulatory Authority (Ogra) has put up two positions to the government. Under the first option based on existing tax rates, it has worked out Rs9 and Rs4.50 per litre reduction in the prices of petrol and high-speed diesel (HSD), respectively for December to pass on to consumers the benefit of lower international market.

The second option is based on written orders of the Federal Board of Revenue that seeks full application of petroleum levy and 17 per cent sales tax to meet its Rs70 billion revenue shortfall in 4MFY19. Under this, the petrol price has been worked out to increase by Rs6.15 per litre and HSD by Rs2 per litre.

He said the government was, however, not sure about the issue because of domestic political considerations and the need to build relationship with the International Monetary Fund (IMF) for a bailout package.

Over the last few weeks, international benchmark Brent prices have tumbled by almost 15pc to less than $60, but the IMF is reported to have advised the authorities to raise taxes to create buffers.

 What do you think about the story ? Leave your comments!

Heading (Optional)
Your Comments: *

Your Name:*
E-mail (Optional):
City (Optional):
Country (Optional):
Field marked(*) are mandatory.
Note. The PakTribune will publish as many comments as possible but cannot guarantee publication of all. PakTribune keeps its rights reserved to edit the comments for reasons of clarity, brevity and morality. The external links like http:// https:// etc... are not allowed for the time being to be posted inside comments to discourage spammers.

  Speak Out View All
Military Courts
Imran - Qadri long march
Candid Corner
Exclusive by
Lt. Col. Riaz Jafri (Retd)
Pakistan itself a victim of state-sponsored terrorism: Qamar Bajwa
Should You Try Napping During the Workday?
Suggested Sites