Petroleum tax on petrol sold at retail outlets has been reduced by Rs 2.50 per litre.
ISLAMABAD:
The federal government on Friday reduced 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 petroleum ministry.
Under the revised rates, the price of petrol has been fixed at Rs 297.53 per liter, while HSD will now cost Rs 309.50 per litre. The new rates came into effect at midnight and will remain applicable next week, the notification said.
Last week, the government decided to keep petrol and diesel prices unchanged despite the continued decline in international oil prices. Following the 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 the international Platts prices of petrol and diesel, saying pricing decisions were made on a fair and transparent basis.
It later emerged that the government had revised the levy 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 cess on petrol and HSD has been increased from Rs 2.50 per liter to Rs 5 per litre.
At the same time, petroleum tax on petrol sold at retail outlets was reduced by Rs 2.50 per liter to Rs 64.14 per liter, while tax on HSD was reduced by Rs 2.50 per liter to Rs 77.04 per litre.
