Govt Reduces Petroleum Prices to ‘Provide Relief’

The caretaker government on Saturday decided to revise down the petroleum prices in light of directions from the Supreme Court of Pakistan.

Related: Supreme Court Seeks Explanation on Taxes Imposed on Petroleum Products

According to a notification issued by the Ministry of Finance on Saturday, the petrol price has been reduced by Rs 4.26 per liter after which the new price will be Rs 95.24 per liter. High-speed diesel has been reduced by Rs 6.37 to Rs 112.94, kerosene by Rs 3.74 to Rs 83.96 while price of light diesel has been reduced by Rs 5.54 per liter and its new rate is Rs 75.37. The reduction in the prices of petroleum products will be effective from Saturday midnight.

During the course of hearing on Thursday, relating to suo motu notice of the increase in petroleum prices, the apex court had directed the federal government to reconsider the matter in order to provide possible relief to the general public. Earlier on the 30th of June, the government had increased the prices of petrol by Rs 7.54 per liter, high speed diesel by Rs 14.00 per liter, kerosene oil by Rs 3.36 per liter and light diesel oil Rs 5.92 per liter.

Related: Petrol Prices Revised for the Second Time in 20 Days

Meanwhile, Minister for Energy Syed Ali Zafar said in a statement that the federal government had decided to reduce petroleum prices in order to provide relief to the general public. Sales tax would be reduced from existing 17% to 12% on motor spirit and kerosene oil, from 31% down to 24% on high speed diesel and from 17% to 9% on light diesel.

Product Old Price (per liter) New Price (per liter)
Petrol 99.5 95.24
High Speed Diesel 119.31 112.94
Light Speed Diesel 80.91 75.37
Kerosene 87.7 83.96

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A 3d animation professional, car enthusiast, petrolhead and social media influencer. Founder of CarSpiritPK.com

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