Govt slashes fuel prices by over Rs12 per litre

Finance Minister Ishaq Dar introduced on Friday discount within the gasoline costs by over Rs12 per litre following the approval of Prime Minister Shehbaz Sharif.

The worth of petrol has been lower by Rs12.63 per litre from Rs237.43 to Rs224.80.

Likewise, excessive velocity diesel (HSD) will probably be obtainable at Rs235.30 per litre after discount of Rs12.13.

The brand new costs will probably be efficient from midnight, stated the finance minister whereas addressing the press convention in Islamabad.

The costs of sunshine diesel oil (LDO) and kerosene oil have been decreased by Rs10.78 and Rs10.19 per litre respectively.

FM Dar additionally introduced that the date for submitting of earnings tax returns has been prolonged until October 31.

A day earlier, Categorical Information reported that the Worldwide Financial Fund (IMF) agreed to freeze the tax imposed on petrol for 3 months.

In line with the settlement with the IMF, levy on petrol is to be elevated to Rs50 per litre by January 2023.

It ought to be famous that the levy on petrol is presently round Rs37.42 per litre whereas on excessive velocity diesel (HSD) round Rs7.35 per litre. Apart from, levy on kerosene and lightweight diesel oil (LDO) is Rs10 per litre.

Sources maintained that levy on kerosene and LDO will probably be regularly elevated to Rs50 per litre.