Summary Inflation has fallen below two percent, says Prime Minister Nawaz Sharif
ISLAMABAD (Dunya News) – Finance Ministry has approved reduction in petroleum products’ price by Rs 5 per litre, Dunya News reported Saturday.
Petrol stands at Rs 71.25 per litre after the revised price while high speed diesel at Rs 75.79. Kerosene oil will be sold at Rs 43.25 per litre while light diesel at Rs 39.94 per litre. High octane price has been set Rs 75.66 per litre under the revised prices.
The announcement was first made today by Prime Minister (PM) Nawaz Sharif in Lahore after he condoled death of Punjab Group of Colleges (PGC) Mian Amer Mehmood’s father at his residence in Model Town.
The Prime Minister said that inflation has fallen below two percent and the government is making efforts to provide as much relief to the people as possible.
Know also: PTI rejects Rs 5 cut in petrol price, terms it clumsy joke
On January 29, Oil and Gas Regulatory Authority (Ogra) forwarded a summary seeking Rs 7.56/litre cut in petrol price while Rs high speed diesel by Rs 10.15 per litre.
Earlier today it was reported that petrol has hit the lowest price of USD 25 per barrel in international market while the government is charging more than twofold per litre under taxes.
Pakistan State Oil (PSO) is purchasing Arab Light Oil from Gulf market for USD 25 per barrel.
The government is pocketing Rs 3.76 transportation charges, Rs 2.35 distribution margin, Rs 3.8 dealer margin, Rs 10 petroleum levy and 21 percent general sales tax (GST).
Refined high speed diesel is purchased from Gulf market for Rs 31 per litre. However, the petroleum product is bulked up with taxes for the locals which include Rs 2.35 distribution charges, Rs 2.60 dealer margin, Rs 8 petroleum levy, 47 percent GST and Rs 1.71 fred charges.
The government can relieve the people by cutting GST and petroleum levy.
