*ISLAMABAD –Federal government issues notification of massive increase inpetroleum prices.*
* The Federal Board of Revenue (FBR) on Sunday released the notificationfor an hike in prices of petroleum products.*
The recent hike, which was taken into effect from May 5, was made followingan increase into Goods and Services Tax (GST) from two per cent to 12 percent on petrol, leading the new rates to Rs108 per litre.
New rates of diesel stood at Rs122.32 per litre after GST’s hike up to 17per cent from 13 pc while light diesel’s rate was fixed at Rs86.94 perlitre as GST increased to 17 pc from 9 pc. The new price of kerosene oil isRs96.77 per litre with 17 pc GST which was jacked up from eight per cent.
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A day earlier, the* Economic Coordination Committee*link(ECC)has approved to fix the petrol price at Rs108 per liter. The meeting waspresided over by Finance Adviser Hafeez Shaikh. The Oil and Gas RegulatoryAuthority (OGRA) had recommended an increase of Rs14per liter.
Prime Minister Imran Khan had sent the matter of increase in the prices ofthe POL products. Moreover, the ECC has increased the diesel price byRs4.89 per liter.
