Global Crude Prices in the international market has reached up to $50 per barrel, in regards to which the petroleum prices within Pakistan will see an increase of 14.6% from the month of June 2016.
The summary presented by the Oil and Gas Regulatory Authority (Ogra) on Monday revealed that the international crude prices have increased up to $50 per barrel; according to which the petroleum prices in Pakistan, excluding the kerosene oil will see an upward shift in the prices from June 2016.
The details further revealed that the Ministry of Finance is currently in discussion with the increased amount of petroleum prices whereas the general sales tax and petroleum levy tax are also being taken into consideration.
Any final decision regarding the imposition is to be taken by the Prime Minister Nawaz Sharif.
Meanwhile, the details showed that in order to preserve country’s revenue, the Ministry of Finance may oppose any proposal for stationary oil prices unchanged in the latest revision.
However, as per government’s plan, the oil prices will be kept unchanged before the announcement of the federal budget.
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