Islamabad: Finance Minister Asad Umar announced that Petroleum prices decreased in Pakistan as he addressed from a press conference today.
Petroleum prices decreased as Asad Umar revealed in the press conference today. petrol and diesel prices were decreased by Rs 2 per liter. In addition, Light Diesel Oil (LDO) and kerosene oil prices were also lowered by Rs 5 and Rs 3 respectively.
In the recent summary, OGRA proposed the hike of Rs7.79 per litre in light diesel oil (LDO), Rs2.00 per litre in high speed diesel (HSD), Rs6.21 per litre in petrol, and Rs9.91 per litre in kerosene oil.
However, Finance Minister Asad Umar revealed the news that government will not increase oil prices but is working to reduce them.
According to sources, the government is already taking 4.5% General Sales Tax (GST) on petrol, 1.5% on kerosene oil, 12% on HSD, but no tax on LDO. OGRA also analyzed the petrol prices based on the 17% GST. In addition, US Dollar to PKR ratio in Pakistan also significantly increased as USD hit Rs 142 in inter bank market today.