ISLAMABAD – The oil prices likely to be hiked as the Federal Board of Revenue has proposed to enhance sales tax rate on petroleum products in the next budget.

The tax authority of Pakistan will work to raise the tax revenue in the upcoming year and petroleum products are the top revenue generator for FBR.

Although the proposed summary of FBR will be rejected by the government because of the next year’s election, recently the World Bank also stated that the fuel prices will surge by 28 percent in 2017.

The proposed summary by FBR stated that the prices of motor sprit oil and high-speed diesel may be increased from 17 to 20 percent, however, the state department already charging general tax on both items which is higher than the standard 17 percent.

Interestingly, FBR has not increased the rates of Kerosene oil and Light diesel oil.

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