Significant Fuel Price Reduction in Pakistan Amid Global Market and Exchange Rate Influence
The caretaker government announced a substantial reduction in petrol and diesel prices, with petrol prices dropping by Rs40 per liter and high-speed diesel (HSD) by Rs15 per liter for the upcoming fortnight. The Ministry of Finance proposed the adjustments to interim Prime Minister Anwaar-ul-Haq Kakar, who approved the changes on Sunday.
The Ministry of Finance, previously known as Twitter, published the updated rates for petroleum products, revealing that petrol will now cost Rs283.38 per liter, and HSD will be priced at Rs303.18 per liter.
These price revisions were attributed to fluctuations in international commodity prices and improvements in the exchange rate.
The government also decreased the prices of light diesel by Rs19.59 per liter and kerosene oil by Rs22.43 per liter for the next two weeks. As a result, kerosene oil prices will be reduced to Rs214.85 per liter.
Under the leadership of Prime Minister Anwar-ul-Haq Kakar, the interim government has imposed zero general sales tax (GST) on all petroleum products. Meanwhile, the petroleum levy (PL) on petrol has been set at Rs60 per liter.
To meet the fiscal year’s tax collection target, authorities increased the levy on diesel by Rs5, making it Rs55 per liter.
These new prices will be effective from 12 am tonight, October 16, and will be in place until October 31.
