Government increases GST on furnace oil

ISLAMABAD: The federal government announced on Thursday an increase in General Sales Tax (GST) applied on furnace oil, for the current month’s revision of fuel prices.

The current rate of 17 per cent GST has been increased by 3pc, and the new rate applicable from October 1 will be 20pc as per the notification issued by the government.

All other fuel and lubricant prices will remain unchanged.

GST on petrol was also jacked up from 25.5pc to 26pc. Petrol and high speed diesel are the two major products that generate most of the revenue in the oil sector.

GST on HOBC, kerosene, and LDO was kept unchanged at 24pc, 30pc and 29.5pc, respectively, but petroleum levy has been reduced.