ISLAMABAD: The government of Pakistan has announced new petrol and diesel prices for the next fortnight, ARY News reported on Sunday.

As per details, petrol prices remain stable at Rs. 252.10 per liter. High-speed diesel prices have decreased by Rs. 3.05 per liter, with the new price set at Rs. 255.38 per liter.

In addition, the price of kerosene oil has decreased by Rs. 3.32 per liter, with the new price set at Rs. 161.66 per liter. Light diesel oil prices have also decreased by Rs. 2.78 per liter, with the new price set at Rs. 148.95 per liter.

The Ministry of Finance has issued a notification regarding the new prices, which will come into effect at 12 am tonight.

It’s worth mentioning here that the government’s inability to reduce the petroleum levy has resulted in a significant increase in petroleum prices, with prices rising by Rs 12.14 per liter over the past month and a half.

Also read: IMF program ‘hinders’ petroleum prices relief in Pakistan

According to sources, the price of high-speed diesel was increased by Rs 12.14 per liter since October 16, while the price of petrol was risen by Rs 5.07 per liter during the same period.

According to sources, the government could have reduced the levy to prevent the price hike, but the IMF program restrictions prevented it, sources revealed.

Currently, a levy of Rs 60 per liter is being charged on petrol, while the same levy is also applicable to high-speed diesel.

The petroleum levy collection witnessed a significant increase, with Rs 261.69 billion collected from July to September 2024. This shows an increase of Rs 39.62 billion compared to the same period last year.

The government had set a target of collecting Rs 1,281 billion in petroleum levy during the current fiscal year, sources said.