In two rare but good developments, the Federal Board of Revenue (FBR) has collected Rs580 billion within the first two months of the new fiscal year whereas the price of petrol has been slashed by Rs4.59 after successive escalation over the past few months.

As per the details, FBR collected Rs297.4 billion this month, despite 8-10 non-working days. “So far, FBR’s target for FY2019-20 has been achieved to the extent of 90 per cent. Rs580 billion against the target of Rs644 billion,” the FBR chief was quoted as saying.

“The positive aspects for the two months of FY2019-20 are that imports during the two months decreased by $1 billion,” he said, adding that the positive effect is taken into account, collection during the past two months is in line with the target.

RELATED STORIES

Meanwhile, according to a statement issued by the Finance Ministry, the prices of high-speed diesel, kerosene oil and light diesel have been lowered by Rs5.33, Rs4.27 and Rs5.63 per litre, respectively.

The notification (effective September 1) came amid confusing statements by some cabinet members. The government had earlier issued a notification, stating ‘mistakenly’ that the price of high-speed diesel has been reduced by Rs7.67.