FBR Lowers Petroleum Product Sales Tax but Govt increasing prices again.
To prevent prices from rising, the Federal Board of Revenue (FBR) has cut the sales tax on two petroleum products from May 18, 2021, to maintain their price levels in May. S.R.O. 57(I)/2016 (sales tax on petroleum products) has been revised by the FBR through notification S.R.O. 726(1)/2021, which was issued on Tuesday. According to the notice, the sales tax on kerosene oil has been decreased from 15.44 percent to 10.07 percent, while the sales tax on light diesel oil has been decreased from 7.56 percent to 3.67 percent.
The notification that the standard 17% fee will be maintained for the coming month added that Motor spirit and High-speed diesel oil will remain at their current rates.
But in the latest news prices are increased again.
Petrol prices climbed by Rs5.40 per litre on Thursday, while HSD rose by Rs2.54 per litre.
However, while kerosene and light-diesel oil (LDO) were being raised by Rs1.39 and Rs1.27, respectively,
Fuel prices will be Rs.118.09 for petrol, Rs.116.5 for diesel, and Rs.87.14 for kerosene, and the price of LDO would be Rs.84.67.