Business

GST on petroleum products increased by 5pc

ISLAMABAD: Government on Saturday approved reduction in petrol prices but at the same time it raised the General Sales Tax (GST) on all petroleum products from 22 per cent to 27 per cent, ARY News reported.

Announcing reduction in petroleum price, Prime Minister Mian Mohammad Nawaz Sahrif acknowledged that government didn’t slash the prices as much as it should be.

He said government will lower its economic burden by charging extra on petroleum products.

From February 1, the petroleum products will be sold as follows: High Octane Bleeding Component (HOBC) at Rs80.31, Petrol at Rs70.29, High Speed Diesel (HSD) at Rs80.61, Light Speed Diesel (LDO) at Rs57.94 and Kerosine Oil at Rs61.44.

 

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