Summary Price of high-speed diesel has been reduced by Rs 5.62 per liter.
LAHORE (Dunya News) – Prime Minister Nawaz Sharif on Saturday announced reduction in prices of petroleum products effective from tomorrow.
Petrol price has been reduced by Rs 7.99 per liter whereas the price high-octane has been cut down by Rs 11.83 per liter. Price of kerosene oil Rs 10.48, high-speed diesel Rs 5.62 and light diesel has been reduced by Rs 9.56 per liter. He further said that media created hype over petrol shortage that burdened the crisis.
PM Nawaz told that the rate of sales tax, previously 22%, has been increased to 27%. He said the government intends to meet the annual target of Rs 2800 billion therefore it has to increase the sale tax rate on various products as the government was facing shortfall of Rs 70 billion due to reduction in prices of petroleum products.
According to the notification issued by Federal Bureau of Revenue (FBR), sales tax, from February 1 onwards, would be received on the rate of 27% whereas sales tax on other items will remain 17%.
