Govt cuts petrol and diesel prices
Pakistani incumbent caretaker government reduces petrol by 40 and diesel by 15 rupees per liter
In a significant move aimed at easing the burden of inflation on the general public, the government has announced a substantial reduction in the prices of petroleum products.
As of now, petrol has become 40 rupees cheaper, with the new price set at 283.83 rupees per liter, and diesel has seen a reduction of 15 rupees, with a new price of 303.18 rupees per liter.
Furthermore, the cost of liquefied petroleum gas (LPG) has been reduced by 22.43 rupees, now available at 214.85 rupees per liter.
The revised prices came into effect at midnight.
It’s worth noting that petrol carries an excise duty of 60 rupees per liter and a customs duty of 22 rupees, while high-speed diesel is subject to an excise duty of 50 rupees per liter and a customs duty of 23 rupees.
According to reports, this move has resulted in increased profits for oil marketing companies and dealers.
Furthermore, the government has announced a significant reduction in petroleum product prices for the next 15 days.
The Ministry of Finance states that this decision to reduce petroleum product prices is a result of the global decline in oil prices and an improved exchange rate against the US dollar.
It’s worth noting that while there has been a decrease in the prices of crude oil and light diesel oil in the international market, due to their regulated status, the government has not officially announced changes in their prices.
Additionally, margins for oil marketing companies and dealers have been increased, according to sources.