Govt Cuts Price of Petrol by Rs. 8

The caretaker federal government has announced a slight cut in the price petrol while the price of high-speed diesel has been kept unchanged. The price of petrol has been reduced by Rs. 8 per liter and the new price will be Rs. 259.34. The price of high-speed diesel will remain unchanged at Rs. 276.21 per liter. At the last fortnightly review of petroleum prices, the government had kept the prices of both petrol and high-speed diesel unchanged. The prices of petroleum prices in the country are largely dependent on international oil prices and the exchange rate. However, a major component in the current prices is the petroleum development levy. The government is currently charging Rs. 60 levy on every liter of both petrol and high-speed diesel.