Govt cuts petrol price by Rs40, high-speed diesel by Rs15 per litre

The caretaker government on Sunday reduced the price of petrol by Rs40 per litre and that of high-speed diesel (HSD) by Rs15 for the next fortnight.

The new price for petrol and diesel will be Rs283.38 and Rs303.18 per litre, respectively. The new prices will come into effect from 12am (tonight, October 16) and remain in place till October 31.

The government aims to charge about Rs869 billion in levy on petroleum products during the current fiscal year’s budget target and commitments made with the Inter­national Monetary Fund (IMF).

Pakistan has zero general sales tax (GST) on all petroleum products while the rate of petroleum levy (PL) on petrol is Rs60 per litre and on Rs55 per lire on diesel.