Islamabad (Staff Report): Following the sixth budget presented by Pakistan Muslim League Nawaz (PML-N) the Federal government is likely to raise petroleum prices by Rs 3 to Rs 6.
According to details, the government has considered the suggestions of an increase in the prices of High Speed Diesel and petroleum by Rs 5 and Rs 3 respectively.
The Finance Ministry had directed to increase petroleum prices with up 31% general sales tax (GST) on HSD and 17% on other products.
It is pertinent to remember that the current ratio of GST on HSD is 27.5 percent, 16.5% on kerosene oil, 21.5% on light diesel oil and petrol.
While the levy tax on HSD is Rs 8, Rs 10 on Petrol, Rs 6 on crude oil and Rs 3 on Light diesel oil (LDO) is being received by the government.
Related institutions presented a summary with an increase of Rs 6.97 petroleum and Rs 6.95 on LDO.
After the approval of Prime Minister Shahid Khaqan Abbasi there will be a prices increase of 5.2% on HSD, 3.7% on petrol, 9.91% on kerosene oil and 10.6% on LDP.