ISLAMABAD – Web Desk: The Pakistani government has reduced the price of one petroleum product by Rs 63.60 per litre, just one day after imposing massive hikes on petrol and diesel, according to a notification issued by the Oil and Gas Regulatory Authority (OGRA).
The new notification states that kerosene oil has been made cheaper by Rs 63.60 per litre, bringing its new price to Rs 365.21 per litre. Last week, the government had already reduced kerosene prices by Rs 21.34 per litre.
However, on the previous day, the government raised petrol and diesel prices by Rs 26.77 per litre each. According to a notification from the Petroleum Division, the new price of high-speed diesel has been set at Rs 380.19 per litre, while petrol now costs Rs 393.35 per litre. These new prices took effect on April 25 for a period of one week.
Federal Petroleum Minister cited rising global oil prices due to regional tensions and agreements with international partners as reasons for the hikes. He stated that the government absorbed as much of the increase as possible and noted that all federal and provincial governments have provided historic relief packages to the public.
A major factor in the petrol price increase was a sharp rise in the Petroleum Development Levy (PDL). The government issued a notification increasing the levy on petrol from Rs 80.61 to Rs 107.38 per litre. In contrast, the levy on high-speed diesel remains at zero. Officials stated that had the levy not been increased, the previous petrol price could have been maintained.
Other levies include Rs 305.37 per litre on HOBC, Rs 20.36 on kerosene, Rs 15.84 on light diesel oil, and Rs 77 per litre on furnace oil.
