Government keeps petroleum products prices unchanged for October

The government has decided not to increase the prices of petroleum products for the month of October.

OGRA had earlier recommended the prices be increased by Rs.3.39 to 4.41 per litre for different products.

According to a government statement, “The Prime Minister has considered the proposal. It has also been considered that there has been a sharp increase in the global oil prices recently and there is uncertainty in the international market, because of which the increasing trend in prices could reverse. The Prime Minister has therefore decided to maintain the prices of petroleum products at the current level during the month of October, so as not to burden the consumers with the sudden hike in prices.”

In order to absorb the effect of the increased international prices, the government will correspondingly reduce the applicable sales tax rate on HSD from the current 22% to 17.5%; on Motor Spirit (Petrol) from 9.5% to 4.5% and Kerosene oil from 6% to 1.5%, while sales tax on LDO will be zero.

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