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The government has increased the prices of petrol and high speed diesel (HSD) by Rs 2.5 and Rs 1.75 per litre, respectively, with effective from Sunday midnight, Federal Finance Minister Ishaq Dar told newsmen here on Saturday. However, the prices of other petroleum products, including hi-octane blending component (HOBC), kerosene oil and light diesel oil (LDO), will remain unchanged, he added.
Following increase in the prices, petrol will now be sold at Rs 76.26 per liter and HSD at Rs 83.79, while the prices of HOBC, kerosene and LDO would remain unchanged. The minister also informed media persons that the government has extended the date for filing tax returns by November 30.
Elaborating on the subject of petroleum prices, he said that the government has only approved an increase of Rs 2.5 and Rs 1.75 per litre for petrol and HSD, respectively. However, the government, with a view to providing relief to the masses in the winter season, has decided not to increase prices of hi-octane, kerosene oil and light diesel oil (LDO).
Dar said that although the Oil and Gas Regulatory Authority (Ogra) through a summary has recommended increase in the prices of petrol by Rs 5.28 per litre, HSD by Rs 3.34 per litre, HOBC by Rs 5.73 per litre, kerosene oil by Rs 3.89 per litre and LDO by Rs 2.70 per litre, the prime minister had directed to give relief to the people, especially on kerosene in winter. He said that the government has reduced the taxes on petroleum products and as such full impact of the increase in oil prices will not be passed on to the people.
At present, the government is collecting 26 per cent GST on motor spirit (petrol), 50pc on HSD and 20pc on furnace oil from October. Furthermore 24pc GST is being collected on the sale of HOBC, 30pc on kerosene oil and 29.50pc on LDO. Dar further said that Federal Board of Revenue (FBR) has registered an increase of 20pc revenue collection in the first quarter of current fiscal year as compared to the previous year. He also announced that government has decided to extend time for filing of tax returns for one month and now the new date for this purpose will be November 30.

Copyright Business Recorder, 2015

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