The government has reduced the price of gasoline by Rs. 10 per litre.
Reduces the price of HSD by 7.50 rupees per litre.
ISLAMABAD: On Thursday, the federal government reduced the cost of petroleum goods by as much as Rs. 10 a litre, beginning on December 16, 2022.
Ishaq Dar, the finance minister, announced the government’s decision to lower the cost of high-speed diesel by Rs7.50 a litre in a tweet.
The price of gasoline, kerosene and light diesel oil (LDO) were all reduced by the government by Rs. 10 per litre.
The cost of high speed diesel has been reduced, and it will now be sold for Rs227.80 per litre. Petrol will be sold at Rs214.80 per litre as a result of the price cut.
The price per litre of kerosene oil would be Rs171.83.
Light diesel oil is now available for Rs169 per litre.
During a press conference, the finance minister stated that the cost of high-speed diesel (HSD), petrol, kerosene oil, and LDO had all decreased by Rs 7.5, Rs 10, Rs 10, and Rs 10, respectively.
He stated that the new prices for HSD, petrol, kerosene oil, and LDO will be Rs227.80 for each litre, Rs214.80 for each litre, and Rs171.83 for each litre, respectively.
Dar announced that the new pricing would take effect at midnight.
The computation indicated that during the second half of December 2022, the price of HSD would be decreased by Rs12.37 per litre.
When petroleum products hit the maximum limit for petroleum levy, which was Rs50 per litre on each petroleum product, the government promised the International Monetary Fund (IMF) that it would begin to impose general sales tax (GST) on them.
The government levies a petroleum tax on Rs. 50 per litre on gasoline, Rs. 25 on HSD, Rs. 7.01 on kerosene, and Rs. 15.39 on LDO.
By April 2023, the government agreed to raise the fuel levy on HSD to Rs50 as promised to the foreign lender.
In contrast to the predicted reduction of Rs12.37 per litre, the government had reduced the price of HSD by Rs7.50 per litre.
The HSD is frequently utilised in the transportation and agricultural industries. Therefore, the partial drop in its price was also a huge comfort for the transportation and agricultural industries, which would have had an inflationary effect on people’s daily life.
Petrol is a substitute for CNG and is used in vehicles and motorcycles.
Punjab’s CNG stations have been using imported LNG, which is not readily available right now. So, throughout the month of December, there will be a greater demand for gasoline.
In distant areas of Pakistan, particularly in the north, where piped or LPG gas is not readily available for cooking, kerosene oil is used.
In the northern region of the nation, the Pakistan Army is one of the main consumers of kerosene oil.
The LDO is employed in business.
