ISLAMABAD: The federal government on Friday announced to cut down the petroleum prices for the month of December.
Addressing a press conference here in Islamabad today, the finance minister announced to cut the prices of petrol and diesel by Rs2 per litre, while gasoline price was reduced by Rs3 per litre.
The new rates of the petroleum products will be enforced today midnight countrywide.
“Sales tax on the petroleum products has been reduced to 8 percent”, Asad Umar said.
The minister said, the government is utilizing all its available resources, to provide relief to the common man in present ‘crunch’ economic situation, the country passing through.
Mr. Umar while holding past rulers responsible for the exports drop, said due to wrong policies of PML-N government, the country’s economy is under heavy burden of ‘debt.’
“The prime minister’s prime focus is to steer country out of economic crises by boosting local exports”, the minister maintained.
It may be recalled that, the Oil and Gas Regulatory Authority (OGRA) had forwarded a summary to the Ministry of Petroleum, recommending an upward revision of prices of petroleum products for the month of December.
The regulatory body had recommended an increase of Rs5.21 in the price of petrol and Rs2 in the price of high speed diesel (HSD).
The price of light speed diesel was recommended to be hiked by Rs7.79 per litre, while kerosene oil by Rs9.91 per litre.