By Asghar Ali Mubarak
ISLAMABAD: The government is expected to announce a weekly revision in petroleum product prices, with sources indicating that the federal government absorbed a burden of 23 billion rupees for the week of March 14 to maintain prices unchanged. The government had kept petrol and diesel prices steady from March 14 to 20, bearing the cost through price differential claims.
According to sources, on March 14 the government had prevented an increase of 49 rupees 63 paise per litre in petrol and 75 rupees 5 paise per litre in diesel. For the upcoming week, the government may again keep petrol and diesel prices unchanged and could once again absorb price differential claims to provide relief to consumers.
Currently, petrol contains 121 rupees 77 paise per litre in taxes, comprising approximately 38 percent of the retail price. Diesel contains 73 rupees 42 paise per litre in taxes, accounting for about 22 percent of the retail price. Both fuels also attract customs duty, petroleum levy and climate support levy in their pricing structure. A summary has been sent to the federal government recommending a 29-rupee increase per litre in petrol and a 49-rupee increase per litre in diesel, with the final decision to be made by Prime Minister Shehbaz Sharif.
