The Petroleum Division on Wednesday night announced the prices of petroleum products for the next fortnight, slashing rates for both petrol and diesel.
In a statement, the Petroleum Division said the revision was in line with prevailing global trends and recommendations from the Oil and Gas Regulatory Authority (OGRA). It fixed the price of petrol for the next two weeks at Rs. 253.17/liter, down from Rs. 263.45/liter, a reduction of Rs. 10.28/liter.
Similarly, the ex-depot price of high-speed diesel has been reduced from Rs. 265.65/liter to Rs. 257.08/liter, a decline of Rs. 8.57/liter.
In the previous fortnight review, the government had slashed the rate of diesel by Rs. 14/liter while keeping the price of petrol unchanged.
Petrol is primarily used in private transport, small vehicles, rickshaws, and two-wheelers, and tends to directly impact the middle and lower-middle classes. Meanwhile, diesel is heavily used in the transport sector and is considered inflationary due to its impact on prices of essential commodities.
The government is currently charging zero general sales tax on all petroleum products, but imposes around Rs. 78/liter on diesel and Rs. 82/liter on petrol in the form of petrol levy. Additionally, Rs. 2.50/liter is charged under the climate support levy. Authorities also charge around Rs. 16-17/liter custom duty on all petroleum products, while a similar sum is factored in as distribution and sale margins for oil companies and dealers.