finance minister announces five percent increase in gst on pol produ

ISLAMABAD: Federal Minister for Finance Ishaq Dar on Saturday announced a five percent increase in the General Sales Tax (GST) on petroleum products.Dar said that the increment would enable a recovery of 12 billion rupees.The minister, however, went on to say that the ministry would still face a loss of 40 billion rupees.Earlier today, Prime Minister Nawaz Sharif announced a decrease in the price of petroleum products.Petrol has been decreased by Rs 7.99, Hi-Octane by Rs 11.82, Light Diesel by Rs 9.56 and kerosene oil by Rs 10.48 per litre.