Fuel prices have been at a record high since the past few weeks as the government decided to charge more taxes on petroleum products.
As the new pricing formula invited heated criticism from commuters and motorists, the Supreme Court decided to take a look into the matter. The court took suo moto notice over rising fuel prices and ordered the relevant authorities to send a detailed report. The authorities were also urged to reconsider their new tax structure.
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A report has already been submitted to the SC in this regard. According to the price chart, each liter of petrol contains Rs. 33 in taxes, and a base price of Rs. 61.87.
Here’s a breakdown of all the taxes levied on petrol, as per the report:
For diesel, the base price is Rs. 67, while total tax charges are Rs. 46. The tax structure on diesel is as follows:
Previously, the authorities justified the price increase of petrol to the tune of Rs. 99 by stating that this was being done in response to rising international prices, and also due to the Pakistani rupee’s depreciating value. Upon OGRA’s recommendation, the government agreed and almost immediately put the new prices in effect.