New Oil And Gas Reserves Discovered In Khyber Pakhtunkhwa

New oil and gas reserves have been discovered in Khyber Pakhtunkhwa.

The discovery by OGDCL will yield 11.8 million cubic feet of gas and 945 barrels of crude oil per day.

Sources in the Ministry of Energy said that 4727 meters were excavated in the Lucky area to search for oil and gas.

On the other hand, the Directorate of Petroleum Concessions has informed the Petroleum Division about the discovery of oil and gas.

Govt Reduces Levy On Petrol To Zero: Official

The federal government has reduced levy on petrol to zero to lessen the burden of the rising global prices of the commodity on consumers, an official said on Saturday.

In a tweet, Minister of State for Information and Broadcasting Farrukh Habib said that the government has brought down the sales tax on petrol to Rs11.50 from Rs15.90, a reduction of Rs4.4/litre on the commodity.

The incumbent government was facing a loss in its revenue collection by reducing taxes on petrol, he said, adding that on the contrary, former finance minister during the tenure of Pakistan Muslim League (PML-N), Ishaq Dar had used to impose the burden of global prices of petroleum products directly on the consumers.

Habib said that the Pakistan Muslim League-Nawaz during its tenure had never reduced or cut petroleum levy or sales tax on petroleum products.

He chided PML-N leader Ahsan Iqbal for misleading the public that the government had not increased the petroleum prices in view of the international market but to put an extra burden of taxes on the people.

Petrol Price Hits Record High In Country’s History

The price of petrol reached its highest level in the history of the country with Rs Rs 118.9.

According to sources in the Petroleum Division, the previous highest price of petrol was Rs 117.83 on August 1, 2019.

Petroleum levy at zero per litre price of petrol while GST has been fixed at 10.77% for the next 15 days.

The price of a litre of diesel is Rs 116.53, the petroleum levy is Rs 1.90 and GST is 17%.

Yesterday, the federal government has increased the prices of petroleum products in the global market by increasing the prices of petroleum products by up to Rs 5.40 paise.

Special Assistant to the Prime Minister for Political Relations Shahbaz Gill said in a statement on social networking site Twitter that “Prime Minister Imran Khan decided to provide some relief to the people contrary to OGRA’s recommendations regarding prices of petroleum products.”

He said that in view of the rising prices of petroleum products in the global market for the last several months, OGRA had proposed an increase in the price of petrol by Rs 11.40 per litre.

“Contrary to OGRA’s recommendations, the Prime Minister has approved a mere Rs 5.40 per litre increase in petrol price in the public interest,” he said.

He further said that an increase of Rs 2.54 per litre in the price of diesel, Rs 1.39 per litre in the price of kerosene and Rs 1.27 per litre in the price of light diesel has been allowed.

He said that according to the OGRA proposal, the government would bear the burden of the decision taken not to increase petrol prices and provide maximum relief to the people.