Petroleum tax levied on petrol sold through retail outlets was reduced by Rs 2.50 per litre.
ISLAMABAD:
The federal government on Friday reduced the prices of petrol and high speed diesel (HSD) by Rs 1.97 per liter for the next week, according to a notification issued by the Ministry of Petroleum.
As per the revised rates, the price of petrol has been fixed at Rs 297.53 per litre, while HSD will now cost Rs 309.50 per litre. The new prices took effect at midnight and will remain applicable for the next week, according to the notification.
Last week, the government decided to keep gasoline and diesel prices unchanged despite the continued decline in international oil prices. Following that decision, Oil Minister Ali Pervaiz Malik rejected the impression that the government was favoring any particular sector and said the public would likely receive “good news” in the coming days.
The minister had said the government was closely monitoring trends in the international oil market and urged the public to review Platts’ international prices for petrol and diesel, maintaining that pricing decisions were being made on a fair and transparent basis.
It was later learned that the government had revised the tax structure on petroleum products at the start of the new fiscal year. According to a notification issued by the Ministry of Power on July 1, the climate support tax on petrol and HSD has been increased from Rs 2.50 per liter to Rs 5 per litre.
At the same time, the petroleum tax levied on petrol sold through retail outlets was reduced by Rs 2.50 per liter to Rs 64.14 per litre, while the tax on HSD was reduced by Rs 2.50 per liter to Rs 77.04 per litre.
