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.

Asad Haroon
Asad Haroon
A netpreneur, blogger and above all; A Human :) Asad tweets from @aghaasadharoon

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