ISLAMABAD: The government on Sunday reduced prices of all petroleum products except High Speed Diesel (HSD) to partially pass on the impact of massive international price reduction to the masses. The revised prices will remain effective till June 30.
In doing so, the government increased the rate of petroleum levy on petrol by more than 26pc to mop up additional windfall revenues of about Rs6.5bn. The levy on petrol was increased from Rs23.76 per litre to the maximum permissible limit of Rs30 per litre.
The decision was announced by the ministry of finance, after consultations with representatives of the International Monetary Fund, in a balancing act to share the drastic fall in international oil prices among consumers already hit badly by Coronavirus lockdown.