ISLAMABAD (Staff Report): In a substantial relief measure, the caretaker government has decided to reduce the price of petrol by Rs8 per litre and high-speed diesel (HSD) by Rs11 per litre for the next two weeks.

As per an official notification from the Ministry of Finance, the revised price for petrol will be Rs323.38 per litre, while HSD will be available at Rs318.18 per litre.

This price adjustment is attributed to fluctuations in international petroleum prices and an improvement in the exchange rate. Earlier projections had indicated a potential reduction in HSD and petrol prices of approximately Rs15-19 per litre for the October 1-15 period, largely due to the strengthening of the Pakistani rupee.

Over the past week, the Pakistani rupee appreciated by 1.4% against the US dollar in the interbank market, positioning it as one of the best-performing currencies this month.

Last week, Caretaker Commerce and Industries Minister Gohar Ejaz expressed optimism about a positive announcement regarding petrol prices on October 1.

The prices of these essential fuels were last reduced in mid-July, with petrol dropping by Rs9 per litre to Rs253 and diesel by Rs7 per litre to Rs253.50.

Between August 15 and September 15, petrol and HSD prices had increased by Rs58.43 and Rs55.83 per litre, respectively.

At present, there is a zero-rated General Sales Tax (GST) on all petroleum products. However, the government imposes a petroleum development levy of Rs60 per litre on petrol and Rs50 per litre on both HSD and high-octane blending components, including 95 RON (Research Octane Number) petrol. Additionally, there is a customs duty of about Rs22-23 per litre on petrol and HSD.

Leave a Reply

Your email address will not be published. Required fields are marked *

Translate »