Caretakers maintain Petroleum prices for August

ISLAMABAD - Prices of petroleum products are to be maintained at the existing levels for the month of August, the caretaker finance ministry announced Tuesday night.

According to an official notification, the petroleum prices have been retained at current levels in order to provide relief to the common man though the Oil and Gas Regulatory Authority (OGRA) had requested jacking up the rates owing to higher costs in the global market.

Accordingly, prices of petrol, diesel, kerosene, and light diesel will remain at per-litre rates of Rs95.24, Rs112.94, Rs83.96, and Rs75.37, respectively.

The notification further added that the general sales tax (GST) had to be slashed in order to maintain the current petroleum prices.

Revealing the details, it added that the GST on petrol, diesel, kerosene, and light diesel had been cut down from 12 percent to 9.5 percent, 24 percent to 22 percent, 12 percent to 6 percent, and 9 percent to 1 percent, respectively.

This was the last adjustment by the outgoing caretakers as Pakistan Tehreek-e-Insaf is set to take over reins of the country in less than two weeks.