The government on Thursday announced to cut petrol and diesel prices by Rs 2 per litre for the month of December.
The decrease in petrol prices will take the rate from the current Rs 97.83 per litre to Rs 95.83 per litre. The government also decided to decrease kerosene oil prices by Rs 3 per litre, taking the price from the existing Rs 86.50 to Rs 83.50 per litre.
The Oil and Gas Regulatory Authority (OGRA) had recommended an increase of Rs 6.21 per litre in the prices of petrol, Rs 2.00 per litre in high speed diesel (HSD), Rs 9.91 per litre in kerosene oil and Rs 7.79 per litre in light diesel oil (LDO). The regulator had calculated these prices based on 17% general sales tax. Currently, the government is charging 4.5% general sales tax on petrol, 12% on HSD, 1.5% on kerosene oil and no tax on the LDO.
Addressing a press briefing on Friday, Finance Minister Asad Umar said the government has decided to minimise the burden on the public by absorbing substantial impact in the prices of petroleum products.
Published in Daily Times, December 1st 2018.
