Government reduces petrol price by PKR 4.26

The caretaker Government, after increasing the prices of petroleum products for two successive times has finally reduced the prices, following a shutter-down warning from traders and facing criticism by local commuters and other stakeholders.

The new prices are as follow:

New prices Old prices Difference
Petrol Rs 95.24 Rs 99.50 Rs 4.26
High-Speed diesel Rs 112.94 RS 119.31 Rs 6.37
Kerosene oil Rs 83.96 Rs 87.70 Rs 3.74
Light-Speed diesel Rs 75.37 Rs 80.1 Rs 5.54

The Ministry of Finance issued the notification to cut the prices of petroleum products on Saturday 7th July 2018. While talking to the media, the Federal Energy Minister Syed Ali Zafar said that the caretaker government is fully aware of the misery of people and despite financial constraints, they are reducing the prices.

Read Also: Petrol price hike challenged in Lahore High Court

We hope that this action proves to be fruitful for the people and the overall of the economy of Pakistan, which is not so good, he said.

Moreover, he also told the media that sales tax on motor spirit and kerosene oil would be reduced from 17 to 12 percent. Additionally, sales tax on high-speed diesel would also be reduced from 31% to 24%.

It is imperative to mention here that the Supreme Court had taken suo moto action on the recent price hike of petroleum products and directed the concerned authorities to make a comprehensive plan to cut taxes and price hike on petroleum products as much as possible. And this recent cut complies with the Supreme Court’s suo moto notice.

That’s it from our side, drop your thoughts in the comments section below.

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My name is M. Ali Laghari and I love to read and write about Cars.