Govt imposes new tax on high-speed diesel

ISLAMABAD: The imposition of a new tax on high-speed diesel (HSD) has reversed the relief in petrol and diesel prices, citing sources, ARY News reported on Monday.

After oil marketing companies (OMCs) and dealers’ margins, the caretaker government has imposed a new tax of Rs0.24 per litre on high-speed diesel, reversing the actual relief in petrol and diesel prices to the masses.

Sources told ARY News that an extra tax of 24 paisas per litre was taken into effect on the HSD. Additionally, Rs0.88 per litre dealers’ margin was increased on petrol and diesel besides hiking the OMC margin worth Rs0.41 per litre.

Earlier, the price of petrol was dropped by Rs 40 per litre in Pakistan.

According to a notification issued by the Oil and Gas Regulatory Authority, the rate of petrol has reached Rs 283.38 per litre with a reduction of Rs 40 per litre.

Whereas, the price of high-speed diesel (HSD) has been reduced by Rs 15 per litre to Rs 303.18. Meanwhile, the Kerosene oil prices dropped by Rs 22.43 per litre to Rs 214.85.

On October 1, petrol price came down by Rs 8 per litre in Pakistan after a two-month hike and set at Rs 323.38 per litre.

According to details, the rate of petrol was reduced to Rs 323.38 per litre with a decline of Rs 8 per litre.

Meanwhile, the price of high-speed diesel (HSD) dropped by Rs11 per litre to Rs318.18 whereas Kerosene oil prices reduced by Rs 7.53 per litre to Rs 237.28.