The federal government of Pakistan has taken the decision for reducing the prices of petroleum products by up to Rs 6.37 per litre for providing relief to the public in general.
As per the notification issued by the Finance Ministry on Saturday, the petrol prices have been reduced by Rs4.26 per litre and the new price would be Rs95.24 per litre, the price of high-speed diesel reduced by Rs6.37 and the new price would be Rs112.94 per litre, the price of kerosene decreased by Rs3.74 to Rs83.96 while the price of light diesel has been decreased by Rs5.54 per litre and its new rate is Rs75.37.
According to the notification, the new prices of the petroleum products are to be put into effect from Saturday midnight.
Acting on a Suo Motu notice on the inflated and unjustified tax, duty, cess and fee on the petrol products, the Supreme Court has asked the stakeholders to work out a detailed plan and provide suggestions on how much tax could be cut for keeping the prices at a justifiable level.
Syed Ali Zafar—the Federal Energy Minister meanwhile in a statement said that the federal cabinet had decided that the sales tax would be decreased from seventeen to twelve per cent on motor spirit and kerosene oil, from thirty-one per cent to twenty-four per cent on the high-speed diesel and from seventeen to nineteen per cent on light diesel oil.
The minister said that the caretaker government is completely in knowledge of the issues being faced by the people and is focused on reducing their problems despite the current financial limitations.
Zafar further added that the federal government is sure that the relief provided in the petroleum prices would not only give much-required relief to the masses but would also decrease the cost of production and would give a boost to the economic activity.
Owing to the reduction in petroleum prices, the government would maintain an approximated loss in revenue to the tune of rupees ten billion, he mentioned.