In a surprise, federal government reduces petroleum prices significantly

In a surprise, federal government reduces petroleum prices significantly
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ISLAMABAD - Federal government on Saturday night cut the prices of petroleum products by Rs6.37 per litre following the orders of the Supreme Court to bring down the recent increase in prices.

According to an official notification, Interim Federal Minister for Energy Syed Ali Zafar said that the caretaker cabinet had decided that sales tax rates would be reduced from 17% to 12% for motor spirit and kerosene oil, high speed diesel from 31% to 24%, and light diesel oil from 17% to 9%.

The price of petrol has been cut by Rs4.26, HSD by Rs6.37, Kerosene oil by Rs3.74, and light diesel by Rs5.54. The new price of petrol w.e.f Saturday midnight will be Rs95.24 per litre, HSD Rs112.94, Kerosene Rs83.96, and light diesel oil Rs75.37.

Zafar said that by reducing the sales tax, the caretaker government would suffer an estimated loss of Rs 10 billion, however it was determined to give the masses some relief.

Economy