Govt slashes prices of petrol, diesel by up to 5.5%

Ishaq Dar extends the deadline to file income tax returns by a month
<p>Artwork SAMAA Digital</p>

Artwork SAMAA Digital

The federal government on Friday slashed the prices of petroleum products, including the price of the all-important petrol.

Addressing a news conference on Friday evening, Federal Finance Minister Ishaq Dar said that the government was reducing the price of petroleum product by as much as 5.5% following the decrease in petroleum prices in the international market and the corresponding appreciation of the rupee against the US dollar.

Price of petrol or gasoline, was reduced by Rs12.63 per liter. A liter of petrol will now cost at least Rs224.80. Petrol is primarily used in small passenger vehicle.

Similarly, the price of high-speed diesel (HSD) has been cut by Rs12.13 per liter from Rs247 to Rs235.30. HSD is primarily used in trucks and buses.

The price of Kerosene Oil was reduced by Rs10.19 from Rs202.2 to Rs192.01 per liter. Kerosene is used in lighting lamps and running small stoves.

Light Diesel Oil (LDO) was down by Rs10.78, from Rs197.28 to Rs186.5 per liter. LDO is mostly used by tube wells.

Petrol prices Old Price Per Liter New Price Per Liter Change in Value
Petrol Rs237.43 Rs224.80 Rs12.63
High Speed Diesel Rs247.43 Rs235.30 Rs12.13
Kerosene Oil Rs202.02 Rs191.83 Rs10.19
Light Diesel Oil Rs197.28 Rs186.50 Rs10.78

Income tax returns date extended

Meanwhile, due to the floods and load on the system, Dar granted a month’s extension in filing income tax returns.

Previously, September 30 was stated as the last date to file income tax returns.

The new deadline to file income tax returns is October 31.

Explaining the increase in the deadline, Dar said that they know that due to the rush of filing the tax on the last day, it was creating bottlenecks in the system causing it to slow the entire process.

Further, he said that they had received a lot of requests from the public, tax lawyers and firms, industries who implored the Federal Board of Revenue (FBR) to extend the deadline owing to the devastating floods in the country which have impacted some 33 million people.

READ: Calculate how much income tax you have to pay for Fiscal Year 2021-2022

Dar said that their demand was legitimate and due to the genuine reason, they were extending the deadline.

On tax collection thus far, Dar said that in September alone, the FBR had collected around Rs685 billion in income taxes thus far – which was near the target.

Further, he said that for the past quarter, July 1 to September 30, they had collected around Rs1.635 trillion. This was marginally over the target set for the quarter at Rs1.609 trillion.

“So, the targets were by and large met,” Dar said.

On refunds, he said that thus far, the government had disbursed around Rs84 billion in tax refunds. By comparison, in the same period last year, the government had disbursed around Rs62 billion.

petrol prices

income tax

Abdul Ghaffar Fancy Sep 30, 2022 11:37pm
The prices now reduced could have been decreased earlier as the international price of oil had been going down. But NO. It waited till Ishaq Dad’s return from self exile so as Awam may be told that Ishaq Dar reduced the price. Who the Imported Government fooling. Have shame and speak the truth if you know how to speak
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