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Interim Govt Slashes POL Prices Up to Seven Per Cent

Islamabad (July 08, 2018): The interim government on Saturday announced a reduction of Rs 4.26 per litre in the price of petrol while the prices of diesel decreased by seven per cent

Interim Federal Energy Minister Zafar Ali Shah said that government was fully aware of the adversities of the masses, however, the decrease of POL prices will cost the government 10 billion rupees.

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The new prices will be applicable by 12 am tonight, he said.

The price of petrol has been reduced tax on Petrol by five per cent, 17 to 12 per cent, High-Speed Diesel seven per cent, 31 to 24 per cent,  Light Diesel eight per cent, 17 to 9 per cent and kerosene oil by five per cent, 17 to 12 per cent.

According to the notification issued by the finance ministry Petrol prices slashed by Rs 4.26 per litre, High-Speed Diesel Rs 6.37 per litre, Light Diesel Rs 5.54 per litre and kerosene oil by Rs 3.74 per litre.

He expressed hope that the decreased in prices will help to accelerate the economic wheel and will give relief to the masses.

Find Way To Bring Down PoL Prices: CJP

Earlier on July 05, Chief Justice Mr. Justice Saqib Nisar ordered the relevant stakeholders to find a way to bring down the prices of petroleum products and ease the burden on the common man.

A three-member bench of the Supreme Court heard a case related to the surge in petroleum prices.

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Expressing concern at yet another Rs7.5 hike in the price of petroleum, Chief Justice Saqib Nisar asked for justification for the most recent increase in the prices of petroleum products. “Why are petroleum prices rising? Why is custom duty and sales tax being levied on petroleum products? We want experts’ opinion on the [continuous price hikes],” the chief justice remarked.

Justice Ijazul Ahsan observed that it was an unfair policy, while Justice Umar Ata Bandial remarked that it equated to indirect taxation.

The deputy attorney-general informed the bench that the surge in petroleum prices was a result of rising global crude oil prices and the weakness in rupee.To this, the chief justice remarked that if petroleum prices were increasing then there was a need to adjust taxation so that the public did not have to bear the burden.

“Who are the policy-makers? Do they not care about the people?” CJP Nisar wondered.

The top judge directed the concerned officials to provide a breakup of petroleum prices from the past three months.The deputy attorney-general told the bench that the federal government would need to be brought on board, and asked for more time to tackle the matter.

The court then adjourned hearing on the case till Sunday, July 8(today).

Earlier on July 01, the caretaker government approved hike in the petroleum prices on advice of OGRA.

As per the notification, the new per-liter prices of petrol, diesel, kerosene oil, light diesel, and high-speed diesel are Rs99.50, Rs119.31, Rs87.70, Rs80.91, and Rs105.31, respectively.

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Hike in PoL Price Challenged in Lahore High Court:

Earlier on July 02, hike in petroleum price was challenged in Lahore High Court.

Advocate Azhar Siddique had challenged the hike in prices.

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Caretaker Govt has no right to reshuffle prices of petroleum prices, Azhar Siddique advocate said in his plea.

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