ISLAMABAD: The Federal Ministry of Finance has said that the government is still subsidizing petroleum products while the price of oil has risen sharply in the world market.
According to details, the finance ministry has issued a statement saying that the government is giving huge subsidies. The press release of the Finance Division said that the prices of petroleum products in the world market have increased tremendously. The government has reduced sales tax to zero for release to consumers.
The Federal Ministry of Finance said that the petroleum levy has also been reduced against the budget targets. The government is still running a deficit of Rs 35 billion in 15 days. The government did not raise the prices of petroleum products on January 31.
It may be recalled that earlier the Federal Ministry of Finance had issued a notification to increase the prices of petroleum products. An increase of Rs 12 per liter in petrol price will be effective from today.
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Last night, the federal government increased the prices of petroleum products. The price of petrol was increased by Rs. 12, 3 paise per liter, bringing the new price to Rs. 159, 86 paise.
The price of light diesel has been increased by Rs. 9, 43 paise. The new price reached Rs 123.97 per liter while the price of kerosene increased by Rs 10.8 per liter.
