The meeting approved a budget worth Rs125 billion for the Intelligence Bureau.
ISLAMABAD: The Economic Coordination Committee approved a proposal to raise sales tax on vehicles bigger than 1400cc to 25%. A hike in price of gas was also approved.
The ECC met under caretaker Finance Minister Shamshad Akhtar on Wednesday, where multiple proposals were tabled.
The Committe approved an increase in the price of gas saying that companies should riase the prices according to their needs.
The ECC also decided to stop the sale of gas on cheaper rates to fertiliser companies. The rates will now be uniform for all companies.
The meeting also ordered the Competition Commission to take action against people involve din the recent increase in the price of fertiliser.
The ECC also approved an increase in the price of locally-manufactured cars. The sales tax on 1400cc cars and higher has been raised to 25%.
The meeting also approved a budget worth Rs125 billion for the Intelligence Bureau.
Petrol price likely to remain unchanged in Pakistan
The caretaker government is likely to hike the price of high-speed diesel (HSD) by Rs8 per litre in the upcoming fortnight revision of petroleum products prices, Business Recorder reported.
However, the price of petrol may remain unchanged at Rs272.89/litre as the government on January 31 hiked the price of petrol by Rs13.55 per litre.
The rise in the price of HSD with effect from February 16 depending on the premium and exchange rate adjustments and would go up to Rs293/liter as against the current price of Rs285/litre.
The calculation for the fortnight is based on the current rate of petroleum levy and general sales tax.
The hike is likely after the Pakistan State Oil (PSO) paid $9.43 per bbl premium on petrol, down from $9.47 recorded in the last fortnight and $6.50 per bbl on HSD.
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The estimated exchange rate adjustment on petrol is 50 paisas and Rs1.70 per litre on HSD.
Meanwhile, the price of kerosene oil is expected to remain stagnant while light diesel oil (LDO) might up by Rs2.50 per litre.
In the international market, Brent oil increased by around $ 1.5 per barrel to hit $83 from $81.55 per barrel since February 1 while HSD price was up by around $3 per barrel.
The Oil and Gas Regulatory Authority (Ogra) has yet to work out the recommended fuel prices for the first half of February.
The authority calculated the prices of petroleum prices keeping in view monthly tax targets and estimated fuel consumption and supply cost of Pakistan State Oil (PSO).
