The caretaker government has announced reduction in the price of petrol by Rs8 per litre for the upcoming fortnight, commencing from January 16.
The Finance Division, in a notification issued today, revealed that this decision aligned with the recommendations put forth by the Oil and Gas Regulatory Authority.
According to the official announcement, the ex-depot price of petrol has been revised downward to Rs259.34 per litre, marking a notable decrease from the previous rate of Rs267.34 per litre.
However, it’s noteworthy that there are no alterations in the prices of high-speed diesel, light-diesel oil, and kerosene oil at this juncture.
It’s worth mentioning that the government has successfully reached the maximum permissible limit of Rs60 per litre in petroleum levy for both petrol and high-speed diesel.
According to the media reports, the government had initially set a target of collecting Rs869 billion as petroleum levy during the ongoing fiscal year, as per its commitments with the International Monetary Fund (IMF).
Optimistically, authorities anticipate surpassing this target and aiming for a collection beyond Rs950 billion by the end of June.
Petroleum and electricity prices have been identified as the primary catalysts for inflation, which surged to 29.7% in December, as measured by the Consumer Price Index.
