The government of Pakistan has revised petroleum prices whereby petrol price has been slashed by Rs5 per litre while rates of High Speed Diesel and koresene oil have been raised by Rs3.5 per litre.
The new petroleum prices will remain effective for next 15 days. According to sources, the government is still giving a subsidy of Rs. 10 per litre on diesel.
The new prices, which will be effective from Tuesday, will help cut gross subsidy to 2.6 billion rupees in the current fortnight, from 4 billion rupees in the one before.
But on petrol, the government has been making Rs. 19.65 as petroleum development levy. The government has decided to pass on benefit to the consumer after a major drop in the international crude oil prices.