Petroleum prices expected to rise in May
Prices expected to increase because of high GST, customs rates
ISLAMABAD (Dunya News) – Prices of petroleum products in the country are expected to rise in the month of May as a result of increased General Sales Tax (GST) and customs duty, reported Dunya News.
According to sources, the prices of Arab light crude oil have decreased around the world by $2 per barrel however as a result of increased GST and customs duty in the country, the prices of petroleum products are expected to increase next month.
The price of petroleum is expected to increase by Rs 2.67 per litre. Likewise, the price of High Speed Diesel (HSD) is expected to rise by Rs 3 per litre. The prices of high-octane, kerosene oil and Light Diesel are expected to remain stable in May.
Sources indicate that the petroleum products’ prices can be maintained at the same rate if the government slightly decreases the GST rate.
Oil and Gas Regulatory Authority (OGRA) is expected to send summary regarding the increase in the prices of petroleum products to the Ministry of Petroleum on April 28.
