ISLAMABAD   -  The federal government on Sunday slashed the price of petrol by Rs1.71 per litre and High Speed Diesel (HSD) by Rs1.79 per litre for the next 15 days. 

“The government has decided to reduce the prices of petrol (Motor Spirit) by Rs1.71 and High Speed Diesel by Rs1.79,” says a statement issued by the Finance Division on Sunday. However, there will be no change in the prices of Kerosene Oil and Light Diesel Oil (LDO), the notification said.

After this adjustment, the new price of petrol will be reduced from the current Rs102.40 per litre to Rs100.69 per litre, High Speed Diesel from the existing Rs103.22 per litre to Rs101.43. Since there is no change in the prices of Kerosene and Light Diesel Oil therefore it will remain the same for the remaining 15 days of November. The existing price of Kerosene Oil is Rs65.29 per litre while Light Diesel Oil is Rs62.86 per litre.

The government had also reduced the prices of petrol by Rs1.57 per litre and High Speed Diesel by Rs0.84 litre during the first 15 days of November. 

The HSD is widely used in agriculture and transport sectors, while Petrol is used in motor vehicles. The Kerosene oil is used in the areas where gas is not available and LDO is being used in Industries. 

The government is currently charging 17 percent General Sales Tax (GST) on all petroleum products. Apart from the GST, the government is also collecting Petroleum Levy (PL) on oil products, which is directly taken from consumers. During October the government had charged Rs30 per litre PL on HSD, Rs27.32 on Petrol, Rs11.43 on Kerosene and Rs 9.44 on LDO. For November, the government has been charging Rs30 per litre PL on both HSD and Petrol, while on Kerosene Oil Rs10.78 PL and on Light Diesel Oil (LDO) Rs 6.52 per litre levy is being charged. New prices will be applicable from November 16.