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Business

Web Desk
June 11, 2018
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Caretaker government increases petrol, diesel prices

ISLAMABAD: The caretaker government has announced to hike petroleum product prices with effect from midnight today, three days after it decided to keep these prices unchanged.

Petrol price has been increased by Rs4.26 per litre; High Speed Diesel by Rs 6.55 per litre; Light Diesel by Rs 6.14 per litre and Kerosene Oil by Rs 4.46.

With the latest hike, the new price of petrol will be Rs 91.96 per litre; High Speed Diesel Rs 105.31 per litre; Light Diesel Rs 74.99 per litre and Kerosene Oil Rs 84.34.

Last week, the caretaker government decided that the existing prices of petroleum products may continue till mid-night of June 30, 2018.

Earlier, the PML-N government at the end of its five-year tenure on 31 May had left the monthly decision of setting new prices of petroleum to the caretaker government and decided that the existing prices may continue till mid-night of June 7, 2018.

It is also interesting to note that the PML-N government at the end of its tenure also reduced the rate of General Sales Tax (GST) on these petroleum products. According to the Federal Board of Revenue (FBR) notification on May 31, the GST was been reduced on High Speed Diesel (HSD) from earlier 27.5pc to 17pc.

On motor spirit [or petrol], excluding HOBC, the tax was reduced to 7pc from the earlier rate of 15pc. Similarly, the rate of GST on Super Kerosene Oil was reduced from 12 percent to 7 percent while on light diesel oil (LDO) the tax was reduced to one percent against 11.5pc earlier.

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