Govt Cuts Petrol Price by Rs15.39 per Litre

Thu May 16 2024
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ISLAMABAD:  The government on Wednesday slashed the price of petrol by Rs15.39 per litre while the price of high-speed diesel (HSD) has been reduced by Rs7.88 per litre for the next fortnight.

The finance ministry in a notification, said the reduction was made because of the price variations in the international market since prices of petroleum products had seen a decreasing trend in the past 15 days.

According to the notification, the new petrol price is Rs273.10 per litre and that of HSD is Rs274.08.

As per reports the government has already imposed the Rs60 per litre petroleum development levy (PDL) — the maximum limit permitted under the law — on petrol and HSD and collected Rs720 billion in the first nine months of the current fiscal year.

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High petroleum and electricity prices have been the major reason for record inflation. Petrol is mostly used in private transport, small vehicles, two-wheelers, and rickshaws and has a direct impact on the budget of the middle- and lower-middle-class.

The new petroleum prices would come into effect from May 16.

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