The caretaker government Monday increased the prices of petroleum products by 8.9 percent with effect from June 12, 2018. According to caretaker government, in line with the global oil market trend, the following rates of different petroleum products have been approved by the government of Pakistan with effect from 12th June, 2018.
Ogra had proposed an increase in the price of petrol by Rs 8.37 per litre, High Speed Diesel (HSD), by Rs 12.50 per litre, Superior Kerosene Oil (SKO) by Rs 8.22 per litre and Light Diesel Oil (LDO) by Rs 11.65 per litre for June 2018. The previous government had decided to maintain the May 2018 prices till 7th June, 2018 and the decision of increase was left to the caretaker government.
According to Ministry of Finance, the government has provided relief to the common man in Ramazan. Now, the caretaker government has decided to pass only a partial impact of increase on to masses while absorbing 50 percent impact of increase effective June 12, 2018.
The price of petrol has been increased by Rs 4.26 (4.9 percent) per litre, HSD by Rs 6.55 (6.6%) per litre, SKO by Rs 4.46 (5.6%) per litre and that of LDO by Rs 6.14 (8.9%) per litre. The new prices will be: petrol Rs 91.96 per litre, HSD Rs 105.31 per litre, SKO Rs 84.34 per litre and LDO Rs 74.99 per litre.
The new prices will take effect from June 12, 2018 till midnight on 30th June 2018.
Similarly, effective June 12, the Federal Board of Revenue (FBR) has increased sales tax rate on petrol from 7 percent to 12 percent. Under SRO.729(I)/2018 issued Monday by the FBR, sales tax rate on high speed diesel has been increased from 17 percent to 24 percent. The sales tax rate on kerosene oil has been increased from 7 percent to 12 percent. The sales tax rate on light diesel oil has been increased from 1 percent to 9 percent. On 31st May, 2018, the FBR had sharply reduced the rate of GST on almost all the petroleum products.
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