200% hike in POL prices proposed in budget FY2018-19

ISLAMABAD (92 News) – A nearly 200 per cent hike in petroleum levy has been proposed in the budget for fiscal year 2018-19. According to the Finance Bill 2018, taxes on high-speed diesel oil and high-octane fuel would be raised from Rs 10 per litre to nearly Rs 30. A similar raise is proposed for light-speed diesel and gasoline. The levy on locally sourced liquefied petroleum gas could go up by more than 300 per cent. Separately, the Oil and Gas Regulatory Authority has recommended a hike in prices of petroleum products for May. In a summary sent to the Ministry of Petroleum, the OGRA has recommended an Rs 3.22 per litre raise in the prices of petrol fuel. A Rs 6.97 per litre raise has been recommended for kerosene oil and Rs 6.95 per litre for diesel oil. The petroleum levy enhancement proposal has become very unpopular.