With effect from December 16, 2022, the federal government on Thursday reduced the cost of petrol based products by up to Rs. 10 per liter.
Ishaq Dar, the minister of finance, said in a tweet that the government had lowered the cost of high-speed diesel by 7.50 rupees per liter.
Petroleum Products Prices:
Dec16 to Dec31, 2022:High Speed Diesel-with Rs 7.50 reduction,Rs 227.80 per litre
MS Petrol —with Rs 10 reduction,Rs 214.80 per litre
Kerosene Oil – with Rs 10 reduction,Rs 171.83 per litre
Light Diesel Oil – with Rs 10 reduction, Rs 169 per litre
— Ishaq Dar (@MIshaqDar50) December 15, 2022
The price of petrol, kerosene and light diesel oil (LDO) has all been reduced by the government by Rs. 10 per liter.
The high-speed would be offered at Rs. 227.80 a liter following a decrease in the cost of petroleum products. Following a price decrease, petrol will now cost Rs. 214.80 per liter.
The price per liter of kerosene oil would be Rs. 171.83.
Light diesel oil is now available at Rs. 169 per liter.
At a press conference, the finance minister announced price reductions for petrol, kerosene, LDO, and high-speed diesel (HSD) of Rs. 10, Rs. 7, Rs. 10, and Rs. 10 respectively.
According to him, the new price for HSD would be Rs. 227.80 a liter, for petrol it would be Rs. 214.80, for kerosene oil it would be Rs. 171.83 and for LDO it would be Rs. 169.
Dar announced that the new pricing would take effect at midnight.
The computation indicated that for the second half of December 2022, the price of HSD will be decreased by Rs. 12.37 per liter.
When petroleum products reached the maximum limit for petroleum levy, which was Rs. 50 per liter on each petroleum product, the government promised the International Monetary Fund (IMF) that it would begin to impose general sales tax (GST) on them.
The government levies a petroleum tax on petrol worth Rs. 50 per liter, HSD Rs. 25 per liter, Kerosene Rs. 7.01 per liter, and LDO Rs. 15.39 per liter.
By April 2023, the government agreed to raise the fuel levy on HSD to Rs. 50 as promised to the foreign lender.
To read our blog on “Are Petrol prices about to fall?” click here.
