According to sources, the federal government may decrease the petrol price by Rs11 per litre from December 16th. According to media reports, the price of Diesel may go down by Rs9 per litre. The sources stated that the government will finalise the prices of petroleum goods after either raising or lowering the tax rates.
It is pertinent to mention that the price of petroleum products are decreasing in the global market. So, let us keep our fingers crossed and hope for the best because decline in the prices will be a huge relief for the masses. With an increase in these prices, the rates of other daily commodities also increase in Pakistan, increasing the burden on already inflation-hit citizens.
No Change in Petrol Price
On November 30th, the government decided to keep the petrol prices unchanged for the next 15 days. We thought the prices were going up this time before coming down in the next revision. But the government had played it cool and maintained the prices till December 15th.
Current Petrol Prices
Petrol is currently at Rs. 145.82 per litre.
The current rate of High-Speed Diesel (HSD) is Rs. 142.62 per litre.
The Kerosene Oil price is Rs. 116.53 per litre.
Lastly, the rate of Light Diesel Oil is Rs. 114.07 per litre.
0% Sales Tax
In another positive update, Federal Board of Revenue (FBR) reduced General Sales Tax (GST) on petrol to 0%. According to a notification, SRO 1579 (I)/2021, the GST on the petrol was 1.43% in November 2021, however, it was taken down to 0% from December 7, 2021.
However, the GST on other petroleum products was increased. Henceforth, the tax on High-Speed Diesel (HSD) is increased now 7.20% from 6.75% . Meanwhile, the Sales tax on Kerosene Oil is hiked from 6.70% to 8.19%. And the new tax on Light Diesel is 0.46% from previous 0.20%.
Do you think the prices will come down tomorrow? Share your thoughts in the comments section.
