ISLAMABAD: Federal government on Wednesday reduced the prices of petroleum products up to RS 8 per litre, or 2.9 percent, with effect from June 1, 2023.

Finance Minister Ishaq Dar announced on TV the new prices of petroleum products for next 15 days of June. Despite no significant change in exchange rate and global oil prices in May, the government still decided to reduce the price of petrol by Rs 8 per litre, high speed diesel (HSD) and light diesel oil (LDO) price by Rs 5 per litre. However, the rate of kerosene oil (SKO) was kept unchanged.

The new price of petrol is now Rs 262 from Rs 270 per litre, the rate of HSD is also came down by 1.9 percent from Rs 258 to Rs253 per litre, the price of LDO is also reduced by 3.2 percent to Rs 147.68 from Rs 152.68 per litre. The price of SKO is at Rs 164.07 with no change.

Petrol price slashed by Rs12, HSD’s by Rs30

The government is charging Rs 50 per litre petroleum levy (PL) at maximum limit on petrol and HSD to generate budgeted Rs 855 billion in current fiscal year.

Since May 16, 2023, Ishaq Dar said, the price of HSD has been reduced by Rs 35 per litre, Rs 20 per litre in petrol, Rs 12 in SKO and Rs 17 per litre in the rate of LDO.

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