ISLAMABAD ( Web Desk) – The government has decided to keep the prices of petroleum products unchanged for the month of March.
Addressing a news conference, Finance Minister Ishaq Dar said Friday the Oil and Gas Regulatory Authority (Ogra) had forwarded a summary for an increase of Rs5.59 per liter in oil prices, Rs12.62 in hi-octane, Rs7.32 in kerosene oil and Rs5.50 in diesel.
The authority had recommended Rs5.49 per litre reduction in the price of high speed diesel.
Dar said the government was keeping the oil prices unchanged on the directives of Prime Minister Nawaz Sharif.
The government has, he added, decided to increase sales tax on diesel from 27 per cent to 36 per cent, however, the tax on remaining petroleum products will be decreased from 27 per cent to 18 per cent.
Ogra had on Thursday recommended up to 15 per cent increase in prices of petroleum products and a 7.3 per cent cut in high speed diesel for March.
According to an official, the authority had worked out the price adjustment on the basis of 27 per cent GST, and not on the previous rate of 22 or 17 per cent.
Dar also said the foreign exchange reserves of the State Bank of Pakistan have exceeded $11 billion by the end of February 2015.
The minister said the World Bank’s finacial planing committee had removed Pakistan from the ‘grey list’ which includes the countries with the worst economic system. This is a sign of improved economic growth of the country, he added.
The minister informed the media that his ministry was alaso supporting the National Action Plan (NAP) financially for its effective implementation across the country. He further said the finance ministry was now monitoring every transaction of Rs 2 million to check the funding to banned outfits.
Article continues after the advertisement