ISLAMABAD: Interim government on Wednesday announced a significant reduction in the ex-depot prices of petroleum products up to Rs 9.01 per litre with effect from November 16, 2023. The rates of petroleum levy (PL) and general sale tax (GST) have been kept unchanged.

In a fortnight review, the government slashed the price of petrol by Rs 2.04 per litre from Rs 283.38 to Rs 281.34 per litre. The price of high speed diesel (HSD) has also reduced by Rs 6.47 per litre from Rs 303.18 per litre to Rs 296.71 per litre.

The price of kerosene oil (SKO) and light diesel oil (LDO) have been slashed by Rs 6.05 per litre and Rs 9.01 per litre respectively. Following the reduction in the prices, the SKO has been reduced to Rs 204.98 instead of Rs 211.03 per litre and LDO new price will be Rs 180.45 instead of Rs 189.46 per litre.

Petrol price likely to remain unchanged

The government has adjusted petrol prices. Ex-refinery rate of petrol has revised from Rs 199.16 per litre to Rs 198.41 per litre. Inland Freight Equalization Margin (IFEM) has been reduced to 6.42 per litre from Rs 7.71 per litre.

The interim government approved the recommended price of oil and gas regulatory authority (OGRA). Rupee against US dollar has been depreciated by Rs 7.52 to Rs 286 from Rs 279.52 in last fifteen days.

The government has attained maximum limit of Rs 60 per litre petroleum levy (PL) on petrol and HSD in last review of petroleum prices (November 1) and no GST on any petroleum products.

Copyright Business Recorder, 2023