Islamabad:

The federal government on Wednesday cut the price of oil products with RS2 per year. Liter for the next fourteen days. The new prices are valid from May 1st.

According to a notification issued by the finance department, the government has decided to revise the prices of oil products for the coming fourteen days, based on the recommendations of OGRA and the relevant ministries.

According to notification, gasoline will be sold to RS252.63 per. Liter after cutting RS2 per liter. Liter. Similarly, high -speed diesel (HSD) is traded for RS256.64 per Liter with a decline of RS2 per liter. Liter.

Prior to the audit, gasoline was sold to RS254.63 per. Liter and HSD to RS258.64 per Liter. The announcement of the Financial Division did not mention the price of paraphin oil and light diesel fuel.

Interestingly, the government kept oil prices unchanged in the last fourteen days despite a major fall in the international market. Consumers expected around RS8 per year. Liter of relief, but the government dampened their hopes and decided to finance Balcohistan development projects with the oil proceeds.

In mid -April, a presidential regulation was issued which allowed the federal government to increase Petroleum Development Levy (PDL) on the oil products as desired and removed the maximum ceiling that had limited it to the RS70 per year. Liter.

The regulation abolished the fifth schedule for the tax on oil products authoring the government to impose any tax in any case. The regulation came when the government increased PDL on oil products instead of reducing oil prices after reduction in the global market.

High-speed diesel is widely used in transport and agricultural sectors. Therefore, fluctuations in its price also contribute to inflationary in the country.

Gasoline is used in motorcars and bicycles, and its demand had mainly risen due to the use of imported gas in CNG stations in Punjab Province.