ISLAMABAD: The Federal Board of Revenue (FBR) on Wednesday cut to zero the sales tax rate on petrol, high-speed diesel, light-speed diesel, and kerosene oil to provide relief to the masses. The tax collection body has also issued and notification in this account.
On Monday, Prime Minister Imran Khan announced to cut petroleum prices and power tariffs as part of a series of measures to bring some relief to the masses.
He announced a reduction of Rs.10 per litre of Petrol and diesel besides bringing down the electricity tariff by up to Rs5 per unit. “We have decided not to increase petrol and electricity prices till the next budget,” the prime minister said while addressing the nation.
He further announced that the ruling PTI government has decided to increase a stipend for the needy people under the Ehsaas program from Rs12,000 to Rs14,000.
The prime minister further announced that his government will provide 2.6 million merit-based scholarships to deserving students.
Earlier on February 15, the federal government made a massive increase of up to Rs12.03 per litre in the prices of petroleum products, taking that of petrol to a record level of Rs159.86 per litre effective from February 16.
The finance ministry in a statement had said that the prices of petroleum products in the international market were showing a drastic increase and presently, they were at the highest level since 2014.
