Business

ISLAMABAD (Web Desk) – The government on Sunday issued a notification regarding cut in petroleum prices for the month of February.

According to the notification, petrol is now available at Rs 71.25 per litre and high speed diesel at Rs 75.79 from today (Monday).

The new price of HOBC is Rs 75.66 per litre, kerosene Rs 43.25 and light diesel oil Rs 39.94.

Similarly, the government has fixed the sales tax at Rs29.57 per litre on high speed diesel (HSD). Earlier it was 34pc, or around Rs 12-15 per litre.

The government will now receive Rs 38 per litre on HSD in terms of taxes and levies.

Earlier, OGRA had recommended a decrease in the price of petrol by Rs 7.56, high speed diesel and high octane by Rs 10.15 whereas kerosene by Rs 8.17 from February 1.

However, Prime Minister Nawaz Sharif announced a reduction in POL prices by Rs 5 per litre on all categories of petroleum products including petrol and diesel.

On the other hand, main opposition parties criticised the government on Saturday for its alleged failure to provide relief to citizens following the continuous decline in oil prices in the international market.