Petrol price cut by Rs12.63 per litre, diesel Rs12.13

Finance minister also announced FBR surpassed its revenue collection target for first quarter (July-Sept) period of current fiscal year

By Mehtab Haider
October 01, 2022
Photo: File
Photo: File

ISLAMABAD: Federal Finance Minister Ishaq Dar on Friday announced a reduction in POL prices — petrol by Rs12.63 per litre and High-Speed Diesel by Rs 12.13 per litre — with effect from October 1, 2022.

Addressing a news conference here , he said the government did not change taxes and levies on POL products. However, the government rationalised the petroleum levy on petrol and diesel to provide relief to the masses.

The finance minister also announced the FBR surpassed its revenue collection target for the first quarter (July-Sept) period of the current fiscal year. The FBR collected Rs1,635 billion for the first quarter of the current fiscal against the envisaged target of Rs1,609 billion. The IMF had warned Pakistan that if revenue slippages occurred then emergency measures would have to be required to materialise the annual tax collection tag of Rs7,470 billion for the current fiscal year, but the FBR surpassed its desired target for the first three months of the current fiscal year.

He also announced extending the deadline for filing tax returns till October 31, 2022. Dar said the PM approved reducing the POL prices as the price of MS petrol was brought down from Rs 237.43 per litre to Rs 224..80 per litre. The High-Speed Diesel price was brought down by Rs 12.13 and its price came down from Rs 243.43 per litre to Rs 235.30 per litre. The price of Kerosene oil was reduced by 10.19 per litre and Light Diesel Oil by Rs 10.78 per litre.

Dar said that the FBR collected Rs685 billion in September 2022 so the quarter collection exceeded its target by collecting Rs1,635 billion against the target of Rs1,609 billion. He said the FBR paid a refund of Rs84 billion in this quarter of the current fiscal against a release of Rs62 billion in the same period of the last fiscal year. He said the date of filing of returns was extended for one month because of the flood situation.

FBR has received 1.8 million income tax returns so far against 3.6 million returns filed in the last fiscal year.