ISLAMABAD: The federal government on Friday has decreased the prices of petroleum by Rs 2 per liter.
Finance Minister Asad Umer while addressing a press conference along with Planning Minister Khusro Bakhtyar and Minister of State for Revenue Hammad Azhar said that PTI government has decided to reduce the price of petrol by Rs 2, kerosene oil by Rs3, domestic gasoline by Rs2 and light diesel by Rs5 per liter.
Earlier a day, OGRA proposed an increase of Rs6.21 per liter in petrol, Rs2 in high speed diesel, RS9.91 in Kerosene oil and Rs7.79 in light diesel oil price per liter.
Finance Minister Asad Umer stated that Petroleum Development Levy (PDL) on petrol and diesel has been cut to Rs6.15 from Rs10 and Rs6.56 from Rs8 respectively.
He further said that the government decreased the sale tax on petrol from 15 percent to 4.5 percent, while on diesel it has been reduced from 27.5 percent to 12 percent.
The reduction in prices comes in the wake of a cut in international oil prices, which have just hit their lowest level in a year.
In the global market, oil prices gained on Thursday after the US benchmark slid below $50 a barrel following reports Russia could join a production cut at next month´s OPEC meeting.
