KARACHI: The Ministry of Finance has imposed sales tax in the range of 22 percent to 24 percent on petroleum products including HOBC, Kerosene and light diesel oil while rate of tax has been increased on motor spirit and high speed diesel oil.

According to SRO N0. 383(I)/2015, sales tax has been increased on motor spirit by 1.0 percent to 21 percent ad valorem; tax has been increased on high speed diesel oil by 17 percent to 51 percent ad valorem.

Sales tax would be charged on the import and supplies of HOBC at the rate of 23.5 percent, at the rate of 22 percent on Kerosene and at the rate of 24 percent on light diesel oil ad valorem.

It may be mentioned here that government instead of passing-on the benefit of declining international oil prices to the consumers has increased the rate of tax.