Islamabad, July 07, 2018 (PPI-OT): Syed Ali Zafar, Federal Minister for Energy in a statement here today, said that Federal Government has decided to reduce petroleum prices in order to provide relief to the general public. Federal Cabinet, he said had decided that sales tax rates would be reduced from 17% to 12% for Motor spirit and Kerosene Oil, from 31% to 24% on High Speed Diesel and from 17% to 9% on Light Diesel Oil. The caretaker government, he said was fully aware of the problems being faced by the people and was determined to reduce their sufferings despite the present financial constraints.
Syed Ali Zafar said that Federal Government is confident that the relief in petroleum prices will not only provide much needed respite to the masses but also reduce the cost of production and give a boost to economic activity. As result of reduction in petroleum prices, Federal Government, he said would suffer an estimated loss in revenue of Rs 10 billion. The reduction in prices of petroleum products will be effective from 12:00 midnight, the Minister concluded.
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