Monitoring Desk
ISLAMABAD: The government slashed fuel prices on Wednesday, effective from May 16 (Thursday), in line with the recommendations of the Oil and Gas Regulatory Authority (OGRA), according to a notification issued by the finance ministry.
The ministry notified the new reduced prices of petrol and diesel for the next fortnight.
According to the ministry, the new price of petrol is Rs273.10 per litre, down Rs15.39 from the previous Rs288.49.
Similarly, high-speed diesel (HSD) will be available for Rs274.08 per litre, down Rs7.88 from the previous rate of Rs281.96 per litre.
The tariffs of light diesel oil (LDO) were reduced by Rs7.54, whereas the price of kerosene oil was slashed by Rs9.86.
According to the notification, the new prices will be applicable from midnight and remain valid for the next fortnight.
The government is charging a petroleum levy of Rs60 per litre on both petrol and HSD and is projected to collect Rs936 billion in the current fiscal year against a budgeted target of Rs869 billion.
The government anticipates that the reduction in the price of petroleum products would help increase the sale price and consumption of petroleum products, which dropped by 4% on a month-on-month basis in April 2024 and 6% on a year-to-year basis.
