ISLAMABAD: While raising the tax rates on specific products, the government on Thursday lowered the prices of all the oil items by 1.6 to 2.5 pc for the next 15 days to hand down the partial influence of decrease in the global rates.
According to an alert provided by the ministry of financing, the ex-depot price of gasoline was minimized by Re1.79 and that of high-speed diesel (HSD) by Rs2.32 per liter.
It reduced the ex-depot rate of kerosene as well as light diesel oil (LDO) by Rs2.06 and also Rs2.21 per litre, respectively.
Therefore, the ex-depot rate of HSD was dealt with at Rs110.76 per litre rather than Rs113.08 presently, showing a decrease of 2.05 computer. Also, the ex-depot gasoline rate was evaluated Rs108.56 per liter versus Rs110.35 currently, down 1.62 computer.
Levy on kerosene as well as LDO enhanced
Likewise, the ex-depot price of LDO was decreased by 2.77 computer to Rs77.65 from Rs79.86 per liter. Additionally, the ex-depot cost of kerosene was evaluated Rs80 per liter rather than Rs82.06, down 2.5 computer.
An elderly financing ministry official claimed the oil levy on kerosene and also LDO was raised to enhance income collection.
The rates of petroleum items have been decreased for the second successive fortnight. The government maintained the costs unchanged for 3 fortnights by lowering petroleum levy rates after boosting them for 5 successive fortnights.
The federal government kept unmodified the rate of oil levy for petrol at Rs11.23 per liter and also Rs15.29 per liter on HSD.
The federal government had actually currently collected nearly 30pc higher than targeted income on oil products via petroleum levy in the very first six months of the current financial year. As a result, it was comfortable with small modifications in petroleum levy. According to the ministry of money, the collection of oil levy was Rs275bn in the very first six months against the yearly target of Rs450bn.