Islamabad (Staff Report/Agencies): The federal government on Saturday night approved a massive increase in the prices of petroleum products.
The price of petrol has been jacked up by Rs9.42 per litre with effect from today (Sunday).
Petrol is now priced at Rs108.31 per litre, whereas kerosene oil is available for Rs96.77.
Diesel price has been surged by Rs4.89 per litre, after which the commodity is now priced at Rs122.32 per litre. The new price of light-diesel oil is Rs86.94 per litre.
Meanwhile, the Federal Board of Revenue has levied a higher GST (sales tax) on petrol, hiking it from 2 percent to 12 percent. The GST on high-speed and light-diesel oil now stands at 17 percent, while the tax on kerosene oil has been increased from 8 to 17 percent.
On Friday, the Economic Coordination Committee (ECC) of the cabinet had approved the recommendations of the Oil and Gas Regulatory Authority (Ogra) regarding increase in prices of petroleum products.
Ogra had suggested that the price of petrol be increased by Rs14.37 per litre, but the ECC meeting, chaired by Adviser to the Prime Minister on Finance Dr Abdul Hafeez Shaikh, approved an increase of Rs9.34 per litre in its price.