ISLAMABAD: Caretaker Federal Minister for Energy Syed Ali Zafar announced to slash prices of petroleum products with effect from tonight.
In a statement released, the minister said that the federal government has decided to reduce petroleum prices in order to provide relief to the general public.
“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 statement read.
The caretaker minister said that the federal government was confident that the relief in petroleum prices would not only provide much-needed respite to the masses but also reduce the cost of production and give a boost to economic activity.
“As a result of the reduction in petroleum prices the federal government would suffer an estimated loss of Rs10 billion in revenue,” he added.
The reduction in prices of petroleum products will be effective from midnight on Sunday.
The 2018 Boao Forum for Asia (BFA) annual conference is scheduled for April 8 to 11 in Boao, Hainan Province. The forum will be themed "An Open and Innovative Asia for a World of Greater Prosperity."
— The Daily Mail - People's Daily