Petrol prices remain stable, diesel down by Rs1.77 per litre

March 16, 2024 12:18 AM

In its first fortnightly fuel tariff revision, the coalition government announced keeping petrol prices unchanged.

In a press release, the Finance Division said the diesel price has been cut by Rs1.77 per litre. The new price of diesel is Rs285.56 per litre.

The price of petrol remains Rs279.75 per litre, while the price of high-speed diesel has been decreased by Rs1.77 to Rs285.56 per litre.

The government has reportedly achieved a Rs60 per litre petroleum levy, the maximum permissible limit under the law, on petrol and HSD. The government set a budget target to collect Rs869b as levy on petroleum products during the current fiscal year under the commitments made to the International Monetary Fund (IMF).

It has already collected about Rs475b in the first half (July-December) of the current fiscal year although the per litre levy was increased. The government is expected to mop up about Rs970b by the end of the year although the revised target has now been set at Rs920bn by end-June.

The government is charging about Rs82 per litre tax on petrol and HSD. Although the general sales tax (GST) is zero on all petroleum products, the government charges Rs60 per litre PDL on both products.