Petroleum prices dip as GST gets reduced by 5%

Petroleum prices dip as GST gets reduced by 5%


ISLAMABAD: In order to provide some relief to people, the caretaker government has slashed prices of petroleum products by lowering the general sales tax on them.

The government has reduced the GST from 17% to 12% on motor spirit and kerosene oil, from 31% to 24% on high-speed diesel and from 17% to 9% on light speed diesel.

After being slashed by Rs4.26 per litre, petrol is being retailed at Rs95.24 per litre. The price of high-speed diesel has been brought down by Rs6.37 per litre to Rs112.94 per litre while light-speed diesel was reduced by Rs5.54 to Rs75.37 per litre.

Likewise, the kerosene oil price has been lowered by Rs3.74 per litre to Rs83.96 per litre.

Caretaker Federal Minister for Energy Syed Ali Zafar on Saturday said that the government has decided to reduce petroleum prices in order to provide relief to the general public.

Lately, Chief Justice of Pakistan Mian Saqib Nisar had ordered the relevant authorities to find a way to bring down the prices of petroleum products and ease burden on the common man.

A three-member bench of the apex court was hearing a case related to the surge in petroleum prices.


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