LAHORE – Finance Minister Ishaq Dar on Thursday announced to cut petrol price up to Rs10 per litre by making adjustments in taxes, in a sigh of relief for masses amid record inflation.
Addressing a presser, Finmin said that the price of petrol has been slashed by Rs10 per litre, and prices of kerosene and high-speed diesel have been reduced Rs7 per litre.
Earlier, it was reported that the Sharif-led government will cut petroleum prices by up to Rs15 per litre for the second half of December.
The government planned to pass on the relief as the cash-strapped country is experiencing record inflation in recent months. Ruling party chief and deposed prime minister Nawaz Sharif also asked the government to fix the petrol price at Rs 190 per litre.
Sharif, who is in self-imposed exile in Britain, told Federal Finance Minister Ishaq Dar and other officials to reduce the prices before his return to his homeland, per reports.
The oil and Gas Regulator Authority (OGRA) had also started working on the revised petroleum prices and would send a summary to the Ministry of Finance today.
It was also reported that the national oil and gas regulator would suggest an increase in the general sales tax, which has currently been kept at zero; the levy on petroleum prices is already at Rs50 following IMF guidelines.
Meanwhile, a final decision will be taken by the ministry after consultation with Prime Minister Shehbaz Sharif today.
Petrol price likely to decrease by Rs30 per litre in Pakistan
Earlier this month, the government kept the price of petrol unchanged at Rs224.80 per litre.
