Govt likely to decrease petroleum prices after backlash on massive hike

PTI govt likely to decrease petroleum prices after massive hike
Islamabad: The federal government has decided to reduce the prices of petroleum products days after it approved massive surge inviting public wrath, GNN reported.

According to sources at finance ministry, recommendations to decrease sales tax and petroleum levy are under consideration.

The increase in the petroleum prices had been made to generate revenue as the country is facing economic problems due to coronavirus pandemic, they said, adding that the prices are now being revised.

On June 26, the government had announced an increase in the prices of petroleum products with immediate effect.

“The Government has decided to revise the existing prices of petroleum products in view of the rising oil prices trend in the global market,” said a press release issued by the Finance Division.

The price of petrol had been surged by Rs25.58 to Rs100.10 per litre from its previous level of Rs74.52.

Price of High Speed Diesel (HSD) had been increased by Rs21.13 to Rs101.46/ litre from Rs80.15.

Similarly the price of Light Diesel Oil (LDO) had been raised by Rs17.84 to Rs55.98 and the price of kerosene oil had been increased by Rs23.50 to Rs59.06/ litre.