Ishaq Dar announces Rs12 cut in petrol, diesel prices

Islamabad: Finance Minister Ishaq Dar on Friday announced a cinsiderable reduction in the price of petrol by Rs12.63 per litre and high-speed diesel by Rs12.13.

The new prices will come into effect at midnight tonight.

The newly appointed finance minister made the announcement at a press conference in the federal capital.

“The petrol price has been reduced to Rs224.80 per litre from Rs237.43 after a reduction of Rs12.63. Likewise, high-speed diesel price is being reduced by Rs12.13. It will now be sold at Rs235.30, [down] from the existing Rs247.43,” the minister said.

Similarly, kerosene oil’s new price will be Rs191.83 following a Rs10.19 cut and light diesel oil’s price will be Rs186.50 after a decrease of Rs10.78.

The minister said the decision to slash prices had been taken after a “detailed discussion” with Prime Minister Shehbaz Sharif.

He said Rs685 billion had been collected in taxes in the month of September while in the third quarter Rs1,635bn were collected against the target of Rs1,609bn.

Dar also underlined that several individuals were facing problems in filing tax returns due to floods and they requested the government to announce an extension in the date.