ISLAMABAD: Prime Minister Nawaz Sharif on Wednesday approved reduction in petroleum prices according to which petrol price will go down by Rs 6.26.
The Prime Minister approved cut of 7.86 rupees on High Speed Diesel, 14.14 rupees slashed in High Octane, 11.26 rupees decrease in Kerosene Oil and cut 10.48 Rupees in light speed diesel.
Oil and Gas Regulatory Authority will issue the notification of the cut in petroleum prices on Wednesday night.
But on the other hand the government increased general sales tax on petroleum prices, which reduced the relief to masses. The government increased General Sales Tax (GST) on petroleum products from 17 per cent to 22 per cent.
Federal Board of Revenue (FBR) released notification for the GST hike on petroleum products over directives of the Finance Ministry
The notification will be effective from January 1, 2015 while the increased sales tax would be charged on High-speed Diesel oil, Light Diesel Oil, Kerosene, and Motor spirit including HOBC.
Two days ago Oil and Gas Regulatory Authority (OGRA) had sent summary to government for approval recommending up to 17 rupees reduction in petroleum prices.
The body has recommended decrease of 17.53 rupees per liter for HOBC, while it further recommended 12. 56 rupees decrease for light diesel, 6.66 rupees for petrol and recommended slashing of 13.23 rupees for Kerosene oil.
It is pertinent to mention here that due to continual decrease in petroleum products prices in world market the government has decreased petroleum prices in last three months.
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