On Wednesday, the government announced reductions in the prices of petrol and high-speed diesel (HSD) for the next two weeks, with petrol seeing a decrease of Rs15.39 per litre and HSD reduced by Rs7.88 per litre.
According to a notification from the finance ministry, these adjustments were made in response to declining international prices of petroleum products over the past 15 days. The new price of petrol is now Rs273.1 per litre, while HSD is priced at Rs274.08 per litre.
Sources informed Dawn that international prices for petrol and HSD had dropped by approximately $8.7 and $4.3 per barrel, respectively, during this period.
The government has already reached the maximum permissible limit of Rs60 per litre for the petroleum development levy (PDL) on petrol and HSD, collecting Rs720 billion in the first nine months of the fiscal year. This aligns with commitments made to the International Monetary Fund to collect Rs869 billion as petroleum levy during the current fiscal year.
High prices of petroleum and electricity have contributed significantly to inflation, impacting the budgets of the middle- and lower-middle class, particularly affecting private transport, small vehicles, rickshaws, and two-wheelers.
