Overview
Petrol prices in Pakistan increased very highly for a couple of months. Finally! The government has decided to relieve at very needed petrol prices. The news surrounds that the government has going to reduce petrol prices by Rs 11/per liter. However, it’s not confirmed yet by the government, and nor even any official notice issued. Previously, we were expected that the petrol prices will down from 30th November but the prices remain the same. According to the source, as per the petrol prices, Diesel price may also reduce by Rs 9/pet liter. If the government slash petrol prices it may affect from 16 December 2021.
The Reasons for Reducing Petrol Prices
Petrol prices are down in the international market. The rates of petroleum products effected when the international market rise or low prices. This time Federal Board of Revenue (FBR) has to remove General Sales Tax (GST) on petrol. They reduce the tax from 1.44% to 0% from 7th December. Meanwhile, the tax on other petroleum products increased as follow:
- High-Speed Diesel tax increase from 6.75% to 7.20%
- Sales tax on Kerosene Oil increased from 6.70% to 8.19%
- Tax Light Diesel increased from 0.20% to 0.46%
The government has provided relief from the part of government income. This is the great news for the citizens that the relief in taxes cause to reduce petrol prices.
Current Petrol Prices
Petrol prices are rising in Pakistan after the global market. The current prices of petrol in Pakistan are unbearable. The government has tries to play a cool role and offer relief in taxes this is the great step they took. Here are the current prices of petrol in Pakistan:
- The current rate of Petrol is Rs 145.82 per liter
- The rate of High-Speed Diesel is Rs 142.62 per liter
- Kerosene Oil current price is Rs 116.53 per liter
- The Light Speed Diesel is sold with Rs 114.07 per liter
Conclusion
It is very needed to control the rising prices of petrol in Pakistan because it’s the cause of high inflation in Pakistan. Citizens show very negative response whenever the government increase petrol prices. This time maybe government receive positive feedback as they reduce GST to provide relief to the public.
