Finance Minister Dar announced Rs 5 per litre petrol price reduction.
Announcing the values which are new Dar stated that petrol price will be diminished from Rs272 to Rs267.
Petroleum Products Prices:
March 1 to 15 , 2023:High Speed Diesel- with No change Rs 280 per litre
MS Petrol —with Rs 5 reduction,Rs 267 per litre
Kerosene Oil – with Rs 15 reduction, Rs 187.73 per litre
Light Diesel Oil -with Rs 12 reduction, Rs 184.68 per litre
— Ishaq Dar (@MIshaqDar50) February 28, 2023
Nonetheless, despite a drop in diesel prices in the market that is international the finance minister stated the us government has actually decided to keep the cost of high-speed diesel (HSD) unchanged for the next fortnight at Rs.280 per litre.
The price tag on kerosene oil was fixed at Rs187.73 from Rs202.73 carrying out a reduction of by Rs15 per litre, while light diesel oil (LDO) would be available at Rs184.68 following a reduced amount of Rs12 per litre from Rs.196.69.
The prices which are new come into result from midnight on Tuesday.
Relief
The drop in petrol cost comes as a relief to consumers, but the federal government’s choice to keep diesel prices unchanged will probably let you down the country’s oil industry, that was expecting a reduction of over Rs20 per litre whilst the price of diesel went down on the market this is certainly intercontinental.
Sources had earlier informed The Express Tribune that it may keep carefully the cost unchanged for the first 1 / 2 of March by adjusting the petroleum development levy while the offer price sustained by Pakistan State Oil (PSO) if the federal government advances the general product sales income tax (GST) on diesel.
The government has already decided to raise the petroleum levy on diesel by Rs5 per litre from the beginning of March and by another Rs5 per litre from April 1 to bridge revenue shortfall when you look at the continuous year that is economic.
At the moment, the petroleum levy on high-speed diesel is Rs40 per litre, that may increase to Rs50 per litre, as agreed because of the International Monetary Fund (IMF) under its loan programme.
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