Petrol price drops in Pakistan for next fortnight

ISLAMABAD: In a relief to the inflation-struck masses, the caretaker government dropped the price of petrol by Rs2.04 per litre for the next fortnight.

In a statement on Wednesday, the Ministry of Finance said the government revised the fuel prices in line with the recommendation of the Oil and Gas Regulatory Authority (Ogra).

The per litre price of high-speed diesel (HSD) was also slashed by Rs6.47, while the prices of kerosene oil and light diesel oil were reduced by Rs6.05 and 9.01, respectively.

The new prices will be effective November 16 midnight and to remain in place till November 30.

The caretaker government reduced the fuel prices after a month after keeping them unchanged for the last two fortnights. 

The interim government is charging zero general sales tax (GST) on all petroleum products while the rate of petroleum levy (PL) on petrol and diesel is Rs60 per litre.

On October 16, the government had dropped the petrol price by Rs40 per litre and HSD by Rs15 per litre.

Diesel is widely used in the transport and agriculture sectors. The reduction in its price could bring inflationary impact down and relief for farmers as the crop-harvesting season has kicked off.