Petrol Prices Increased By The Caretaker Government
Petrol Prices Increased By The Caretaker Government: The caretaker government has announced to hike petroleum product prices with effect from today, three days after it decided to keep these prices unchanged.
Petrol price has been increased by Rs.4.26 per litre; High Speed Diesel by Rs.6.55 per litre; Light Diesel by Rs.6.14 per litre and Kerosene Oil by Rs.4.46.
With the latest hike, the new price of petrol will be Rs.91.96 per litre; High Speed Diesel Rs.105.31 per litre; Light Diesel Rs.74.99 per litre and Kerosene Oil Rs.84.34.
Last week, the caretaker government decided that the existing prices of petroleum products may continue till mid-night of June 30, 2018.
Earlier, the PML-N government at the end of its five-year tenure on 31 May had left the monthly decision of setting new prices of petroleum to the caretaker government and decided that the existing prices may continue till mid-night of June 7, 2018.
It is also interesting to note that the PML-N government at the end of its tenure also reduced the rate of General Sales Tax (GST) on these petroleum products. According to the Federal Board of Revenue (FBR) notification on May 31, the GST was been reduced on High Speed Diesel (HSD) from earlier 27.5pc to 17pc.
On motor spirit [or petrol], excluding HOBC, the tax was reduced to 7pc from the earlier rate of 15pc. Similarly, the rate of GST on Super Kerosene Oil was reduced from 12 percent to 7 percent while on light diesel oil (LDO) the tax was reduced to one percent against 11.5pc earlier.
Weekly Inflation Witnessed An Increase
Inflation for the week ended June 7 for the combined income group witnessed an increase of 0.21 percent as compared to the previous week, according to the data released by the Pakistan Bureau of Statistics.
The sensitive price indicator (SPI) for the week under review in the abovementioned group was recorded at 223.91 points against 223.44 points registered in the previous week, it added.
Similarly, SPI for the combined group in the week under review increased 1.51 percent. The weekly SPI has been computed with base 2007-08=100, covering 17 urban centers and 53 essential items for all income groups and combined.
Meanwhile, SPI for the lowest income group up to Rs.8,000 also increased 0.19 percent, as it went up to 208.68 points in the week under review from 208.29 points in the previous week.
SPI for the income groups from Rs.8,001-Rs.12,000, Rs.12,001-Rs.18,000, Rs.18,001-Rs.35,000 and above Rs.35,000 also increased 0.20 percent, 0.21 percent, 0.22 percent and 0.21 percent, respectively.
Average prices of 15 items increased, six registered decrease, while prices of the remaining 32 items remained unchanged.
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