Finance Ministry rejects recommendation of lowering petroleum levy by Rs10

Business Report

ISLAMABAD: Finance Ministry on Wednesday rejected a recommendation by Petroleum Division to reduce levy on petroleum products by 10 rupees.

According to sources, reduction of Rs10 in levy was recommended to provide relief to masses; however petrol pump owners strongly objected to the move and urged government not to reduce the levy.

Petrol pump owners were of the view that immediate reduction in levy will result in loss of around Rs1 million to already struggling petrol pumps due coronavirus lockdown.

Earlier on June 26, government decided to revise the existing prices of petroleum products in view of the rising oil prices trend in the global market.

The price of petrol was increased by Rs25.58 to Rs100.10 per litre, while price of High Speed Diesel (HSD) increased by Rs21.13 to Rs101.46 per litre.

On the other hand, the price of Light Diesel Oil (LDO) increased by Rs17.84 to Rs55.98 per litre and the price of Superior Kerosene Oil (SKO), has been increased by Rs23.50 to Rs59.06 per litre.