The new prices will come into effect from 12am (tonight, October 16) and remain in place till October 31 

This image taken on July 22, 2023, shows people getting their motorbikes filled with petrol at a filling station on Hub River Road, Karachi. — Geo.tv

  October 16, 2023, ISLAMABAD: In a huge relief for the inflation-hit nation, the caretaker government Sunday cut the price of petrol by Rs40 per litre and of high-speed diesel (HSD) by Rs15 for the next fortnight.

Sharing the latest rates of petroleum products on its official X handle, the Ministry of Finance said the new price of petrol was Rs283.38 per litre and that of HSD Rs303.18 per litre, reports Geo News.

It said the government has revised the consumer prices of petroleum products in the wake of variations in international prices of the commodity and improvement in the exchange rate.

The new prices will come into effect from 12am (tonight, October 16) and remain in place till October 31.

In addition, the government also cut the prices of light diesel by Rs19.59 per litre and kerosene by Rs22.43 for the next fortnight. After the massive reduction in the prices of petroleum products, the rate of kerosene will drop to Rs214.85 per litre.

The interim government is charging zero general sales tax (GST) on all petroleum products while the rate of petroleum levy (PL) on petrol is Rs60 per litre.

In order to generate additional revenue to achieve the tax collection target for this fiscal year, the authorities increased the levy on diesel by Rs5 to Rs55 per litre.