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Government eying on Taxes as the Fuel prices likely to Rise Up

http://www.awwaaz.com/images/stories/Government eying on Taxes as the Fuel prices likely to Rise Up
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Islamabad: OGRA official has indicated that petroleum product prices are likely to be risen by up to 14.6% for the month of June 2016.He points out to the rise of crude oil price in global market. OGRA has sent a summary to Ministry of oil and gas which recommends an upward revision in oil prices as international crude rates reached $50 per barrel. According to the proposed summary consumers of HSD, may face a hike of Rs6.69 (9.2%) which would take the price to Rs79.21 per liter from the existing Rs72.52.This hike will hurt the transportation and agriculture. An increase of Rs 0.85 will take Petrol price from the existing Rs64.27 to Rs65.12 per liter. The price of kerosene oil, may be increased from Rs43.25 to Rs47.22 per liter with an increase of Rs3.97 (9.2%). LDO, which is mainly used in industries, is likely to be increased by Rs4.47 (11.8%), and the price will go up from Rs37.97 to Rs42.44 per liter. The breakdown of the price shows that government is eying at huge collection of the taxes which are included in these prices. The figures reveal that total cost of one liter petrol in Pakistan comes to Rs50.82 for February 2016, but the government is likely to impose Rs12.09 sales tax to make the total at around Rs64 per liter. The monthly consumption of petrol in the country is around 350,000 tons which made government collect Rs 20 Billion in a month. While the total cost of diesel in the country comes to around Rs 40.74 per liter. One can do ones calculations now to figure out the total sum the government collects on petroleum products every month.

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  • Miraal says :

    2016-05-31 04:20:10

    I am regular viewer of the web portal I must say you guys are doing it fine.but you need to take lil more care of videos etc


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