Federal government has cut the petroleum levy on petrol by Rs40.49 per litre while increasing the levy on high-speed diesel by Rs19.71 per litre.
Petroleum levy on petrol has been reduced by Rs 40.49 per litre, bringing the new levy down to Rs 66.25 per litre.
However, the levy on high-speed diesel has been increased by Rs 19.71 per litre, pushing the total levy on diesel up to Rs 72.97 per litre.
The petroleum division announced the revised fuel prices on Friday after its weekly review.
The price of petrol has been reduced by Rs74.28 per litre to Rs299.50, compared to the previous rate of Rs373.78 per litre.
High-speed diesel has been reduced by Rs67.31 per litre to Rs311.47 from Rs378.78 per litre.
According to official sources, the government has already exceeded its petroleum levy collection target for the fiscal year 2025-26, collecting Rs1.49 trillion against the budget target of Rs1.468 trillion.
The cut in fuel prices is also due to a drop in international crude oil prices. Arab Light crude fell by $16 per barrel in one week, going down from $96 per barrel on June 11 to $80 per barrel on June 18.
