ISLAMABAD: The federal government has announced revised fuel prices for the next 15 days, bringing a slight reduction in petrol and diesel rates.
According to an official notification, petrol prices have been lowered by Re 1 per litre, setting the new rate at Rs 256.13 per litre.
Similarly, high-speed diesel has been reduced by Rs 4 per litre, now priced at Rs 263.95 per litre. Light diesel has also seen a decrease of Rs 5.25 per litre, bringing its cost to Rs 155.81 per litre.
Additionally, kerosene oil prices have been cut by Rs 3.20, setting the new rate at Rs 171.65 per litre.
This marks the first reduction in petroleum prices this year after three consecutive fortnightly hikes. These adjustments are made in response to international oil market trends and local economic factors.
On the global stage, oil prices declined on Friday amid hopes of a Russia-Ukraine peace deal that could ease supply disruptions and lead to the removal of sanctions against Moscow.
Brent crude fell by 28 cents (0.37%) to settle at $74.74 per barrel, while U.S. West Texas Intermediate (WTI) crude dropped 55 cents (0.77%) to $70.74 per barrel.
Petroleum Levy Collection Surges to Rs 808 Billion in Nine Months
Meanwhile, reports indicate that the federal government has collected Rs 808 billion in petroleum levy during the first nine months of 2024, ARY News reported.
The levy was imposed on petrol and high-speed diesel, with the government currently charging Rs 60 per litre on both fuels.
A breakdown of the revenue collection shows Rs 246 billion was generated in the first quarter (January-March), followed by Rs 299 billion in the second quarter (April-June), and Rs 261 billion in the third quarter (July-September).
While the revenue from the petroleum levy remains with the federal government, the Federal Board of Revenue (FBR) distributes its share to the provinces under the National Finance Commission (NFC) Award.
With data from October-December yet to be released, the petroleum levy collection is expected to rise further by year-end.
