Petrol prices in Pakistan decreased by Rs 40

Web DeskOctober 16, 2023

Islamabad – On Sunday, the interim government made a significant announcement, revealing a substantial reduction of Rs40 per litre in the price of petrol.

Furthermore, the government also implemented a notable reduction in the cost of high-speed diesel (HSD), decreasing it by Rs15 per litre for the upcoming fortnight.

The Ministry of Finance diligently prepared a summary, which was promptly submitted to the caretaker Prime Minister, Anwaar-ul-Haq Kakar. This summary received final approval on Sunday.

Officially disclosing the latest rates for petroleum products through its designated channel, previously known as Twitter, the Ministry of Finance conveyed that the revised price for petrol is now Rs283.38, while HSD is priced at Rs303.18.

The government’s decision to revise the consumer prices of petroleum products is attributed to fluctuations in international commodity prices and improvements in the exchange rate.

Read more:Petrol prices expected to fall below Rs300

Effective from midnight (tonight, October 16), these new prices will remain in effect until October 31.

Moreover, the government has also initiated significant reductions in the prices of light diesel, slashing it by Rs19.59 per litre, and kerosene oil by Rs22.43 per litre for the forthcoming two weeks. Consequently, kerosene oil prices will plummet to a mere Rs214.85 per litre.

Prime Minister Anwar-ul-Haq Kakar’s interim government has chosen to impose zero general sales tax (GST) on all petroleum products, a relief for consumers. Simultaneously, the petroleum levy (PL) on petrol stands at Rs60 per litre.

To meet the fiscal year’s tax collection targets and generate additional revenue, authorities have made the decision to raise the levy on diesel by Rs5, setting it at Rs55 per litre.

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