Business

Govt revises down petroleum prices

Caretaker Federal Minister for Energy Syed Ali Zafar announced to slash prices of petroleum products with effect from tonight.
In a statement released on Saturday, the minister said that the federal government has decided to reduce petroleum prices in order to provide relief to the general public.
“Sales tax rates would be reduced from 17% to 12% for Motor Spirit and Kerosene Oil, from 31% to 24% on High-Speed Diesel, and from 17% to 9% on Light Diesel Oil,” the statement read.
Zafar said that the caretaker government was fully aware of the problems being faced by the people and was determined to reduce their suffering, despite present financial constraints.
The caretaker minister said that the federal government was confident that the relief in petroleum prices would not only provide much-needed respite to the masses but also reduce the cost of production and give a boost to economic activity.
“As a result of the reduction in petroleum prices the federal government would suffer an estimated loss of Rs10 billion in revenue,” he added.
The reduction in prices of petroleum products will be effective from midnight on Sunday.
New fuel prices :
Petrol – Rs95.24 per litre
High Speed Diseal – Rs112.94 per litre
Light Speed Diseal – Rs 75.37 per litre
Kerosene Oil – Rs83.96 per litre