FBR cuts sales tax on petroleum products; prices remain same
Earlier on Wednesday, the Oil and Gas Regulatory Authority (OGRA) had proposed increase in the prices of petroleum products which was turned down by Prime Minister Nawaz Sharif, ‘causing the government to bear a loss of Rs8 billion for not increasing the PoL prices’. After which FBR had to issue notification of reduction in sales tax of petroleum products.
According to FBR, sales tax on petrol would become Rs9.89 per liter after reduction of Rs3; sales tax on high octane has been reduced by Rs3.25 per liter; Rs1.16 trimmed per liter on kerosene oil, while Rs4.41 per liter sales tax cut on diesel.
This should also be noted that the PM had also announced to cut electricity price by Rs2.5 per unit and reiterated to get the country rid of power outages by 2018.