Govt revises down petroleum prices
The petrol price has been reduced by Rs 4.26 per liter
ISLAMABAD (APP) – The caretaker government on Saturday decided to revise down the petroleum prices and new prices would be effective from July 08, 2018.
Interim Minister for Energy Syed Ali Zafar said that the federal government had decided to reduce petroleum prices in order to provide relief to general public.
The federal cabinet, he said, had decided that sales tax rates would be reduced from 17 percent to 12 percent for Motor spirit and Kerosene Oil, from 31 percent to 24 percent on High Speed Diesel and from 17 percent to 9 percent on Light Diesel Oil.
According to the notification, the petrol price has been reduced by Rs 4.26 per liter. Now petrol will be available at Rs 95.12 per liter.
High-speed diesel has been reduced by Rs 6.37 per liter. The price of light-speed diesel has been brought down by Rs 5.54 per liter.
The high-speed and light-speed diesel will be sold at Rs 112.94 and 75.37 per liter respectively.
Ali Zafar said the caretaker government was fully aware of the problems being faced by the people and was determined to reduce their sufferings despite the present financial constraints.
He said the federal government was confident that relief in petroleum prices would not only provide much needed respite to the masses but also reduce the cost of production and give a boost to economic activity.
However, he said the government would suffer an estimated loss in revenue of Rs 10 billion as result of reduction in petroleum prices.
On June 30, the government, on recommendation of Oil and Gas Regulatory Authority (OGRA) had increased the prices of Petrol by Rs. 7.54 per litre, High Speed Diesel by Rs. 14.00 per litre, Kerosene Oil by Rs 3.36 per litre and Light Diesel Oil Rs. 5.92 per litre.
