ISLAMABAD: The caretaker government reduced the price of petrol by Rs8 per litre and that of high-speed diesel by Rs11 per litre for the next two weeks.
As per an official notification from the Ministry of Finance, the revised prices are now Rs323.38 per litre for petrol and Rs318.18 per litre for high-speed diesel.
This adjustment in prices is attributed to fluctuations in international petroleum product prices and the strengthening of the exchange rate.
Previously, it was anticipated that for the first half of October (Oct 1-15), prices for high-speed diesel and petrol would witness a reduction of approximately Rs15-19 per litre, primarily due to the appreciation of the Pakistani rupee.
The Pakistani rupee displayed a positive trend throughout the preceding week, registering a 1.4% improvement against the US dollar in the interbank market, making it one of the best-performing currencies this month.
Caretaker Commerce and Industries Minister Gohar Ejaz expressed optimism last week about positive developments in petrol prices expected on October 1.
The last adjustment in the prices of these essential fuels occurred in mid-July when petrol decreased by Rs9 per litre to reach Rs253, and diesel saw a reduction of Rs7 per litre, settling at Rs253.50.
Between August 15 and September 15, the prices of petrol and high-speed diesel had surged by Rs58.43 and Rs55.83 per litre, respectively.
Currently, all petroleum products are subject to a zero Goods and Services Tax (GST), but the government imposes a petroleum development levy of Rs60 per litre on petrol and Rs50 per litre on both high-speed diesel and high-octane blending component with a Research Octane Number (RON) of 95. Additionally, there is approximately Rs22-23 per litre customs duty levied on petrol and high-speed diesel.