ISLAMABAD: Interim government on Saturday announced a reduction in the prices of petroleum products up to Rs 11 per litre for first half of October, 2023.

In a late night statement, Finance Division announced reduction of Rs 8 per litre in ex-depot price of petrol and Rs 11 per litre reduction in the price of high speed diesel (HSD) with effect from October 1 to 15.

The petrol is now available at Rs 323.38 which was Rs 331.38 per litre in second half of September 2023. The price of HSD is now fixed at Rs 318.18 per litre instead of Rs 329.18 per litre. In the wake of variations in international prices of petroleum products and the improvement in the exchange rate, the Government of Pakistan has decided to revise the consumer prices of petroleum products, the statement said.

Caretaker govt raises petrol price by another Rs26.02, takes it to Rs331.38 per litre

The government is charging petroleum levy (PL) @ Rs.60 per litre on petrol and Rs.50 per litre on HSD.

The working of Oil and Gas Regulatory Authority (OGRA) based on existing tax rates and other overheads, the petrol price came down by Rs 8 per litre because of around 2.5 percent reduction in its international Brent price from $101 to $93 per barrel and around Rs 10 rise in the rupee’s value against the US dollar.

The calculation is based on the actual impact in the last 15 days of September. The prices of the two essential fuels were last cut in mid-July when petrol was reduced by Rs9 per litre and HSD by Rs 7 per litre.

Copyright Business Recorder, 2023