- Muhammad Ishaq Dar said high speed diesel has been trimmed by Rs12.13
- He said now people could file tax returns till Oct 31, instead of September 30.
- He requested people to file tax returns in October.
ISLAMABAD: The government has cut petrol price by Rs12.63 a litre, Bol News reported on Friday.
Passing on the impact of declining oil prices in the global market, the government took this decision in the best interest of citizens of the country. Earlier, it was unclear if the government would pass on the impact or not as no clear statement was given in this regard.
Announcing the cut in prices of petroleum products, Federal Minister for Finance and Revenue Senator Muhammad Ishaq Dar said high speed diesel has been trimmed by Rs12.13 a litre and kerosene oil by Rs10.19 a litre. The price of light diesel has been brought down by Rs10.17 a litre, he said. The new prices would be applicable from tonight after 12:00 am.
Now light diesel oil will be available at Rs186.50 a litre, kerosene oil at Rs191.83 a litre, high speed diesel at Rs235.30 a litre and petrol at Rs224.80 a litre.
People are wondering if the government would be able to cut back inflation, which had risen mainly as a result of increase in prices of petroleum products.
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Ishaq Dar said since the system was immensely choked and the ministry was receiving enormous amount of requests from trade bodies and others, particularly because of the floods, that an extension should be given in deadline of filing tax returns, therefore an extension of one month was being given.
He said now people could file tax returns till Oct 31, instead of September 30. He requested people to file tax returns in October.
“In the first quarter of the current fiscal year, the Federal Board of Revenue (FBR) collected revenues of Rs1,635 billion. Whereas, the target for the first quarter of the current fiscal was Rs1,609. Hence, Rs26 billion more revenue was collected than the target,” he said.
On July 15, After announcing a cut of Rs 18.50 in the price of petrol and Rs 40.54 in the price of diesel, Prime Minister Shehbaz Sharif had said the government had fulfilled its commitment to the nation to transfer the benefit of reduction in fuel prices.
In a tweet, the prime minister had said, “In line with my commitment to the nation, the coalition government has been swift to transfer the benefit of reduction in oil prices to the masses.”
He had expressed his resolve to continue to provide relief to the masses. “We will continue to provide relief as soon as we have financial cushion to do so. I believe in honest conversation with the nation,” he had said.
