Govt decides to reduce the edible oil price by 45pc to 50 pc per kilogram

Govt decides to reduce the edible oil price by 45pc to 50 pc per kilogram.

Minister for Planning and Development Asad Umar made this announcement.

While Addressing a news conference in Islamabad on Monday, he said the government has decided in principle to reduce the aforesaid price.

Govt decides to reduce the edible oil price by 45pc to 50 pc per kilogram

Furthermore, he said the government would reduce taxes on the edible oil to reduce the price.

Asad said the government would decrease sales tax on edible oil from 17 percent to 8.50 percent.

Besides, the govt would cut customs duty per ton by half. The PTI govt would also abolish additional customs duty on it.

The minister further said that the govt had made a program to extend targeted subsidy on essential commodities to the marginalized segments of the society.

He said Prime Minister Imran Khan will share details of this program in the next few days.

Benefit of this program will start reaching the people by the end of next month.

The Minister said the government has also substantially reduced taxes on petroleum products in order to pass on minimum impact of their increase in the world market.

He pointed out that crude oil prices witnessed an increase of 81.55 percent over the last twelve months in the global market.

However, the government of Pakistan made only 17.55 percent increased.

On petrol, he said, we have reduced GST from 17 percent to 6.8 percent.

The govt has also reduced the Petroleum Development Levy from Rs 30 to Rs 5.62per liter.

Moreover, Minister mentioned reducing the sales tax on diesel reduced from 17 percent to 10.03 percent.

Besides, he mentioned reducing the petroleum development levy from Rs 30 to Rs 5.14 rupees per liter.

GTV