Petrol Price in Pakistan goes down by Rs1 from Feb 16

ISLAMABAD: The government of Pakistan has announced a reduction in petrol and diesel prices for the next fortnight.

As part of the fortnightly revision, petrol prices have been reduced by Rs 1 per litre to Rs 256.13 and high-speed diesel prices by Rs 4 per litre to Rs 263.95.

Kerosene prices have been reduced by Rs 3.20 per litre to Rs 171.65 and light diesel oil by Rs 5.25 to Rs 155.81 per litre.

The new prices will be effective from midnight.

International oil prices fell on Friday on the prospect of a peace deal between Russia and Ukraine that could ease a global supply disruption by lifting sanctions against Moscow, but losses were limited by the US delaying immediate reciprocal tariffs.

Brent futures settled down 28 cents, or 0.37 percent, at $74.74 a barrel. US West Texas Intermediate crude fell 55 cents, or 0.77%, to $70.74. For the week, Brent rose 0.11% while WTI fell about 0.37%.

Petrol prices were expected to fall by Rs 2.49 per litre and high-speed diesel by Rs 10 per litre.

In the budget for the fiscal year, the government had increased the maximum petroleum levy from Rs 60 to Rs 70 per litre to collect Rs 1.28 trillion. This target is about Rs 150 billion higher than the Rs 1.019 trillion collected last year and is above the budget target of Rs 869 billion.

Petrol & Diesel Price from February 16