POL relief denied to appease IMF

2 months ago 6

photo file

photo: record


Instead of providing alleviation to the people, the national authorities has accrued the petroleum improvement levy (PDL) connected high-speed diesel (HSD) by Rs5 per litre, pushing it up from Rs45 to Rs50 per litre -- fulfilling different information imposed by the International Monetary Fund (IMF) for the revival of the stalled $6 cardinal bailout package.

However, the authorities has decided to support the prices of petrol and HSD unchanged for the adjacent 15 days.

The IMF has been pushing the authorities to summation the PDL to Rs50 per litre connected each petroleum products, according to sources.

The authorities had already accrued the PDL connected high-quality petrol to Rs50 per litre successful November past year.

Back then, the Economic Coordination Committee (ECC) of the cabinet, aft deliberations, allowed the summation successful PDL from Rs30 to Rs50 per litre connected RON 95 and above-grade substance with effect from November 16, 2022.

It was argued that the high-quality petrol “is a luxury bully being consumed by affluent consumers successful costly vehicles”.

Apart from HSD, the authorities has besides jacked up the PDL connected kerosene lipid by Rs2.83 per litre.

However, astatine the aforesaid clip it has reduced the PDL connected airy diesel lipid by 80 paisas per litre -- bringing it to Rs13.78 per litre.

The improvement has dashed the hopes of citizens, who were expecting that a monolithic diminution successful the terms of HSD successful the planetary marketplace mightiness unit the authorities to walk connected a large alleviation to consumers for the archetypal fortnight of April.

It was being hoped that the national authorities would denote a important simplification of up to Rs14 per litre successful ex-depot substance prices based connected the erstwhile PDL and wide income taxation from April 1.

Diesel is wide utilized successful transport and cultivation sectors. Any simplification successful its terms would person been peculiarly a bully omen for farmers arsenic the harvest sowing play has kicked off.

If the authorities had passed connected the afloat terms alleviation to the consumers, diesel would person outgo Rs278.66 per litre compared with the existing terms of Rs293 per litre.

Similarly, lipid selling companies were projecting a simplification of Rs3.51 per litre successful the terms of petrol.

Petrol is an alternate to the compressed earthy state (CNG), particularly successful Punjab.

In that province, CNG outlets trust connected imported gas.

If the full alleviation was passed connected to the consumers, the terms of petrol would person dropped to Rs268.49 per litre against the existing terms of Rs272 per litre.

Read Entire Article