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Govt slashes petroleum prices after SC directions

Govt slashes petroleum prices after SC directions

ISLAMABAD: On the directions of Supreme Court of Pakistan, the federal cabinet has decided to reduce sales tax rates of petroleum products.

The Supreme Court, during the course of hearing held on 5th July, 2018 relating to suo motu notice of increase in petroleum prices, had directed the federal government to reconsider the matter in order to provide all possible relief to the general public.

According to press release, in view of the directions of the SC, the federal cabinet has reduced sales tax rates from 17% to 12% for motor spirit and kerosene oil, from 31% to 24% on high speed diesel and from 17% to 9% on light diesel oil.

The press release further stated that the federal government is confident that the relief in petroleum prices will not only provide much needed respite to the masses but also reduce the cost of production and give a boost to the economic activity.

The reduction in prices of petroleum products will be effective from 12:00 midnight.