The caretaker government on Sunday announced a Rs40 per litre decrease in the price of petrol. In addition, the government decreased the price of high-speed diesel (HSD) by Rs15 per litre for the next fortnight.
The Ministry of Finance had sent a summary in this regard to caretaker prime minister Anwaar-ul-Haq Kakar, and he finally approved the summary on Sunday.
The Ministry of Finance, formerly known as Twitter, shared the latest rates of petroleum products, stating that the new price of petrol is Rs283.38 and Rs303.18 for HSD.
The government cited variations in international prices of the commodity and improvement in the exchange rate as the reasons for revising consumer prices for petroleum products.
The government has also reduced the prices of light diesel by Rs19.59 per litre and kerosene oil by Rs22.43 for the next fortnight. After the massive reduction in the prices of petroleum products, the rates of kerosene oil will drop to Rs214.85 per litre.
The interim government, led by Prime Minister Anwar-ul-Haq Kakar, is charging zero general sales tax (GST) on all petroleum products, while the rate of petroleum levy (PL) on petrol is Rs60 per litre.
In order to generate additional revenue to achieve the tax collection target for this fiscal year, the authorities, however, increased the levy on diesel by Rs5 to Rs55 per litre.
The new prices will come into effect from 12 am (tonight, October 16) and remain in place until October 31.
