ISLAMABAD: The Federal Board of Revenue (FBR) has increased the percentage of General Sales Tax on petroleum products while on other side the Islamabad High Court (IHC) issued notices to the petroleum ministry, finance ministry and Oil and Gas Regulatory Authority (OGRA) on a petition filed against the hike in fuel prices.
Justice Shaukat Aziz Siddiqui directed the respondents to file their responses in a week otherwise a decision will be given without taking their point of view. The court adjourned proceedings till February 12.
The petitioner maintained that the government has unjustly increased fuel price while it is decreasing in the global market. The government revised prices of petroleum products increasing the price of petrol by Rs2.98 per liter. The revised price of petrol would be Rs84.91 per liter. It is also pertinent to mention here that after the increase in fuel price Federal Board of Revenue has also increased the percentage of General sales tax imposed on petroleum products and SRO has been issued in this regard.
