Petrol, CNG prices ease to June 12 level after SC ruling

BusinessPetrol, CNG prices ease to June 12 level after SC ruling

ISLAMABAD: Following the Supreme Court’s ruling, the Oil and Gas Regulatory Authority (OGRA) withdrew additional GST on petroleum products on Friday after which POL prices reduced to June 12 level.

OGRA issued a notification on the withdrawal of additional GST on POL products as a result of which per litre price of petrol is now fixed at Rs 99.77.

Price of diesel is now fixed at Rs104.60 while kerosene oil will now be available at the old price of Rs93.79 a litre.

OGRA also withdrew additional GST on CNG following which CNG prices in region one and region two are now fixed at Rs 74.44 and Rs 65.18 a kilo.

Earlier in the day, the apex court ordered federal government to withdraw additional General Sales Tax (GST) on petroleum products, declaring the tax collection from June 13 illegal.

In its verdict, apex the court declared null and void an obsolete act of 1931, under which the government collected the levy, saying that the act is against Article 77 of the Constitution.

“The government is not authorized to impose or increase Sales Tax from 16% to 17% on the value of taxable supplies, i.e. by inserting in the Finance Bill (Money Bill) 2013- 14 a declaration under section 3 of the Provisional Collection of Taxes Act, 1931,” the ruling said.

Must read

Recent News

There is no harm to change strategy in Balochistan to bring the peace

There is no harm in changing strategy in Balochistan to bring peace

0
DND ReportThere is no doubt left that Quetta Railway Station's suicide bombing targeted personnel of security forces who were leaving Quetta for their homes....

Fight against terrorism requires support of all Pakistanis, believes COAS Gen Asim Munir

0
Quetta, Pakistan:  COAS Gen Asim Munir has said that the fight against terrorism requires the support of all Pakistanis.COAS highlighted that terrorism will never...
The hidden linkages among BLA, TTP, and PTI

The hidden linkages among BLA, TTP, and PTI

0
Islamabad, Pakistan: Another targeted suicide bombing in Quetta (Railway Station) has confirmed again that enemies are not sitting idle and they do not miss...

The Ruling Elite Decides the Destiny of Poor Pakistanis: A Story of Dreams Lost...

0
By Maria HameedIn a small village on the periphery of Lahore, Muhammad Bota wakes up before dawn every day. His routine is as predictable...
Donald Trump gave a winning speech before the official results

Donald Trump gave a winning speech before the official results saying he will not...

0
Monitoring Desk: Thanking his children, wife, supporters, and all who stood with him, Donald Trump gave a winning address before official results were announced....
Advertisement