A recent notification announced a reduction in fuel prices. The price of petrol has been decreased by Re 1 per litter, setting the new price at 256.13 per litter. High-speed diesel has also seen a reduction of Rs 4 per litter, now priced at 263.95 per litter. Similarly, the rate of light diesel has been decreased by Rs 5.25 per litter, bringing the new price to 155.81 per litter. Kerosene oil has been decreased by Rs 3.20, with the new price being 171.65 per litter.
This marks the first decrease in petroleum product prices this year, following three consecutive fortnightly price increases. These adjustments are part of regular changes in fuel prices, influenced by international market trends and local economic conditions.
In the international market, oil prices settled down on Friday due to prospects for a peace deal between Russia and Ukraine, which could ease global supply disruptions by ending sanctions against Moscow. Brent futures settled down 28 cents (0.37%), at $74.74 a barrel. U.S. West Texas Intermediate (WTI) crude fell 55 cents (0.77%), to $70.74.
Read More: Petroleum Levy Collection Reaches Rs 808 Billion in 9 Months
Earlier reports indicated that the federal government collected Rs 808 billion in petroleum levy during the first nine months of 2024. The collection was made on petrol and high-speed diesel, with the government charging Rs 60 per litre on both. The breakdown of the collection showed Rs 246 billion collected in the first quarter (January-March), Rs 299 billion in the second quarter (April-June), and Rs 261 billion in the third quarter (July-September).
The revenue generated from the petroleum levy remains with the federal government, while the Federal Board of Revenue (FBR) transfers its share to the provinces under the National Finance Commission (NFC) Award. The petroleum levy collection is expected to increase further by the end of the year, as data for October-December is yet to be released
