Govt cashes in on global oil price decline

The government will generate around Rs 1.5 billion additional revenue by not passing on the full impact of the decline in the international price of crude to domestic consumers. This was the outcome of a comparative analysis undertaken by Business Recorder given the General Sales Tax (GST) rate applicable in June 2017 on two major petroleum products in demand in Pakistan notably petrol (500,000 tons or 500 million litres per month) and High Speed Diesel (600,000 tons or 600 million litres per month) and the revised GST applicable in July.
Published in Business Recorder, 3rd July, 2017