It’s only day five of 2022, and the second petrol news is already here. After the government increased petrol prices on New Year, the Federal Board of Revenue (FBR) has increased the sales tax on petroleum products.
Sales Tax on Petroleum Products
According to the notification, the FBR has raised the General Sales Tax (GST) on all petroleum products, petrol, diesel, kerosene oil, and light diesel.
The sales tax on petrol has been increased from 1.63% to 4.77%.
The sales tax on diesel has been increased from 7.37% to 9.08%.
The sales tax on kerosene oil has been increased from 8.19% to 8.30%.
The sales tax on light diesel has been increased from 0.46% to 2.70%.
Here’s the official FBR notification.
Current Petrol Prices
In the last petroleum price hike of the 1st of January, the government reduced the sales tax and increased the petroleum levy to adjust the prices. The petroleum levy on petrol, diesel, kerosene oil and light diesel became Rs. 17.62, Rs. 17.14, Rs. 9.86, and Rs. 7.66 per litre, respectively.
As a result of the petroleum levy increase, the new petrol and diesel prices went up by 4 rupees per litre.
And now, the current petrol price is Rs. 144.82 per litre.
The current diesel price is Rs. 141.62 per litre.
The current price of kerosene oil is Rs. 113.53 per litre.
The current price of light diesel oil is Rs. 111.06 per litre.
We know that the petroleum levy would go up by Rs. 4 each month, and it already has for January 2022. So, we were hoping that the petrol prices would remain the same for the rest of the month. But now that the FBR has increased the sales tax on petroleum products, the prices will go up again on the 16th of January. Better get ready for what’s coming.
