File photo. Asif Hassan—AFP
The caretaker government on Wednesday notified a reduction in prices of all petroleum products, with the Finance Division the rates were revised on recommendation of the Oil and Gas Regulatory Authority (OGRA).
Effective from Nov. 16 (today), the new prices have seen the largest reduction for light-diesel oil, while the lowest decline has been witnessed by petrol. According to the Finance Division’s notification, the price of petrol has been reduced by Rs. 2.04/liter from Rs. 283.38 to Rs. 281.34/liter. Petrol is primarily used for cars and motorcyles, and has the most impact on commuters.
High-speed diesel, meanwhile, is primarily used in the transport sector and is believed to play a key role in inflation. Its price has been reduced by Rs. 6.47/liter from Rs. 303.18 to Rs. 296.71/liter. Kerosene and light-diesel have been reduced by Rs. 6.05/liter and Rs. 9.01/liter, respectively. The new price of kerosene is Rs. 204.98/liter, while light-diesel is now on sale for Rs. 180.45/liter.
The interim government, per the Finance Ministry, is currently charging zero general sales tax on all petroleum products, but is imposing the maximum permissible petroleum development levy on petrol and diesel of Rs. 60/liter.