ISLAMABAD - The PTI-led coalition government on Saturday announced a slight reduction in the prices of petroleum products for the next 15 days.

“The government decided to reduce prices of Ms Petrol by Rs1.57/ litre and High Speed Diesel by Rs0.84/liter,” the Ministry of Finance announced in a brief statement. 

The ministry stated that new price of Ms Petrol would be Rs 102.40 per litre and High Speed Diesel Rs 103.22 per litre. The government has kept prices of Kerosene Oil and Light Diesel Oil changed till November 15, 2020. 

 

According to the ministry, kerosene oil would remain unchanged at Rs 65.29 per litre and light Diesel Oil Rs.62.86/litre .New prices will be applicable from today (1st November 2020).

 

This is the second consecutive month when the government is reducing the price of High Speed Diesel. 

In October, the federal government had reduced the price of High Speed Diesel (HSD) by Rs.2.40 per litre. 

 

The federal government had decided to reduce the price of High Speed Diesel by Rs2.40 per litre and not to change the prices of MS Petrol, Kerosene Oil and Light Diesel for the month of October. 

 

It is worth mentioning that the government is charging 17pc General Sales Tax (GST) on all petroleum products. Apart from it, the government is also collecting Petroleum Levy (PL) on these products, which is directly taken from consumers. In last month, the government had charged Rs30 per litre PL on HSD, Rs27.32 on Petrol, Rs11.43 on Kerosene and Rs 9.44 on LDO.

 

The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Saturday asked the government to slash the levies and taxes ratio on oil to support the industry and trade, as the government was charging record high petroleum levy and the GST on petroleum products.