PoL prices likely to come down by 3pc
Prices of petroleum products may come down by another three per cent on July 31 because of declining trend in the international market.
As a result, the domestic prices would come down by between Rs2 and Rs2.50 per litre with effect from July 31.
Besides a 16 per cent variable general sales tax on all petroleum products being charged from consumers, the government also collected a fixed petroleum levy at the rate of Rs10 per litre on petrol, Rs14 on high octane blending component, Rs6 on kerosene, Rs3 on LDO and Rs8 on high speed diesel.
The government is estimated to have collected about Rs315 billion during the last fiscal year as taxes, including Rs115 billion as general sales tax on domestic sale of petroleum products in 2009-10.
At present, the government collects about Rs20 per litre on petrol, Rs26 on high octane blending component, Rs15 per litre on kerosene and Rs12 on light diesel from consumers.
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