The prices of the petroleum products including petrol and diesel are to be increased as the government raised the sales tax from 17% to 22% on Tuesday.
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According to the notification issued by the Federal Board of Revenue (FBR), the General Sales Tax (GST) on import and supply of petroleum products has been increased to 22%. The additional 5% tax will be charged on petroleum products including HOBC, motor sprit, kerosene oil, light diesel oil and high speed diesel oil. The notification will be applicable from January 1st, 2015.
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The relief the consumers were to enjoy will be reduced in the beginning of the new year. OGRA had earlier prepared a summary of reducing petroleum products of up to Rs 17 per liter; however, the reduction is only possible by up to Rs 11-12 per liter.
