The petroleum tax on petrol sold through retail outlets was reduced by Rs2.50 per litre
ISLAMABAD:
The federal government on Friday cut the prices of petrol and high-speed diesel (HSD) by Rs1.97 per liter for the next week, according to a notification issued by the Petroleum Ministry.
Under the revised rates, petrol price has been fixed at Rs 297.53. per liter while HSD will now cost Rs 309.50. The new prices took effect at midnight and will remain in effect next week, the announcement said.
Last week, the government decided to keep petrol and diesel prices unchanged despite a continued fall in international oil prices. Following this decision, Petroleum Minister Ali Pervaiz Malik had dismissed the impression that the government was favoring a particular sector and said the public was likely to 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, maintaining that pricing decisions were made on a fair and transparent basis.
It later emerged that the government had revised the tax structure on petroleum products at the beginning of the new financial year. According to a notification issued by the Ministry of Energy on July 1, the climate subsidy levy on petrol and HSD was increased by Rs2.50 per liter to Rs5 per litre.
At the same time, oil duty on petrol sold through retail outlets was reduced by Rs2.50 per liter to Rs64.14 per litre, while duty on HSD was reduced by Rs2.50 per liter to Rs77.04 per litre.
