The federal government has hiked the price of petrol by Rs9.42 per litre in the run up to the holy month of Ramzan. After the increase, the new petrol price is Rs108.31.
The hike in the petroleum product will be effective from today.
The kerosene oil also increased by Rs7.46 per litre to Rs96.77. High speed diesel soared up Rs4.89 to Rs122.32. Meantime, the price of light diesel oil will be available to consumers at Rs86.94 per litre.
It is the first time that the oil marketing companies were directly informed regarding the hike in POL prices. Meantime, the Federal Board of Revenue issued new tax rates applicable to the petroleum products with immediate effect.
The general sales tax (GST) on petrol has been pushed up from 2% to 12%. Uniform rate of 17% GST has been imposed on kerosene oil, high speed and light diesel. The tax on diesel also has been hiked from 13 to 17%.
On Friday, the Economic Coordination Committee (ECC) of the Cabinet had approved an increase of Rs9 per liter in the price of petrol, putting a damper on the Ramadan festivities.
However, ECC had decided to refer the issue again to the federal cabinet to take a final decision.
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