Just a day after imposition of the Petroleum Levy, LPG Producers in a surprising move first reduced their prices by Rs. 10,000 per tonne, only to increase them later by Rs11,486 per tonne. State owned OGDCL, PARCO and PPL which together account for 61 per cent of the country’s production had announced a base stock price of Rs79’340 on 1st January in line with the Saudi Aramco Contract Price. On 17th January the Federal Government imposed a petroleum levy of Rs11,486 per tonne on local production. Fearing a strong backlash from the public, state owned producers were asked to reduce their price by Rs10,000 per tonne and then add the levy amount of Rs11,486 thereby increasing their prices by Rs1486 per tonne.
