ISLAMABAD – The federal government has announced a reduction in the prices of key petroleum products, effective for the first fortnight of December (December 1-15). The decision follows recommendations from the Oil and Gas Regulatory Authority (Ogra) and relevant ministries, according to a statement released by the Petroleum Division on Sunday.
Key Price Changes:
- High-Speed Diesel (HSD): The price of HSD has been reduced by Rs 4.35 per litre. The new price is Rs 263.45 per litre, down from the previous Rs 267.80.
- Petrol: The price of petrol has been cut by Rs 2.00 per litre. The new price has been set at Rs 263.45 per litre.
Taxes and Levies
While the General Sales Tax (GST) remains zero on all petroleum products, the government continues to collect significant charges in the form of levies:
- HSD: A total of Rs 79.50 per litre is charged on account of the petrol levy and climate support levy.
- Petrol: A total of Rs 80.52 per litre is charged, combining the petrol levy and climate support levy.
International Price Context
The price reductions come amid a softening in the global oil market:
- Brent Crude averaged $63.43 per barrel, a 2.5% decrease from the previous cycle.
- Arab Light recorded a 2.2% drop, settling at $65.61 per barrel.
- In the international market, petrol prices fell 2.7% to $74.32 per barrel, and diesel saw a sharper drop of 3.8% to $88.76 per barrel. ends
