Ignoring the International Monetary Fund’s (IMF) conditions, the government cut the petroleum levy by Rs. 16.11 on Tuesday. The decision came after Prime Minister Imran Khan announced on Monday that the price of petrol would be reduced by Rs. 10 per liter.
According to the IMF’s conditions, the petroleum levy was to be increased by Rs. 4 per month until it reached Rs. 30 per liter. However, the government disregarded the conditions and reduced the levy rather than raising it at the previously stated rate.
The previous levy on petrol was Rs. 17.92 per liter, but it has now been reduced to Rs. 1.81 per liter. The new levy rate goes into effect on March 1, 2022.
The price of petrol has been decreased from Rs. 159.86 per liter to Rs. 149.86 per liter.
Other petroleum products have also been cut in price by the government. From Rs. 154.15 per liter to Rs. 144.15 per liter, the price of High-Speed Diesel (HSD) has been cut by Rs. 10 per liter.
From Rs. 126.56 per liter to Rs. 125.56 per liter, the price of kerosene (SKO) has been cut by Rs. 1.00 per liter.
Light Diesel Oil has also been cut in price by Rs. 5.66 per liter, from Rs. 123.97 per liter to Rs. 118.31 per liter.
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