The government on Friday announced slashing the price of petrol by Re1 with effect from today (Saturday). The price of High Speed Diesel (HSD), however, remained unchanged.
In Pakistan, fuel prices are reviewed and changed on a fortnightly basis, respectively on the first and fifteenth of every month.
However, this time, the Finance Division issued a notification for a change in fuel prices three days before completion of the month.
The price of petrol was Rs255.63 per litre which has now reduced to Rs254.63 per litre. The price of per litre HSD will stay at Rs258.64.
The government on March 15 raised the petroleum levy by Rs10 per litre – a 17% hike – to Rs70 per litre, keeping petrol and diesel prices unchanged, while using the available additional fiscal space to reduce electricity prices by roughly Rs1.50 per unit. Despite the increase, the ex-depot petrol price remained at Rs255.63 per litre, while the HSD stayed at Rs258.64 per litre.
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