Petrol price slashed by Rs 8 per litre for next fortnight
Stay tuned with 24 News HD Android App
The caretaker federal government has announced to reduce the price of petrol for the next fortnight by Rs8 per litre to Rs259.34 per litre, 24NewsHD TV channel reported Monday.
The Finance Division notified the new prices of the petroleum products for the next fortnight starting from January 16 (Tuesday), as per the Oil and Gas Regulatory Authority’s (Ogra) recommendations.
However, the diesel rate was retained at Rs276.21 per litre.
In the past fortnight, the government had maintained petrol and diesel rates at Rs267.34 and Rs276.21 per litre respectively.
Caretaker Prime Minister Anwaar-ul-Haq Kakar approved the new fuel prices which will be effective from Monday midnight and remain in place till January 31, 2024.
The country fixes fuel prices on a fortnightly basis after evaluating fluctuating international energy market costs and the rupee-dollar parity to transfer the impact on domestic consumers.
The government is currently charging about Rs80 per litre tax on both petrol and HSD, despite having zero general sales tax (GST) on all petroleum products. The government is also levying Rs60 per litre petroleum development levy (PDL) on both products.