The interim government has decided to keep the price of petrol at Rs 281.34 per litre and decrease the price of high-speed diesel (HSD) by Rs 7 per litre for the next two weeks. This means HSD will be available at Rs 289.71 from December 1. The prices of kerosene and light diesel oil were also reduced by Rs 3.82 and Rs 4.52, respectively. Kerosene will be sold at Rs 201.16 per litre and light diesel oil at Rs 175.93.
This decision was made following an IMF review and a decrease in global oil prices. OPEC+ postponed their ministerial meeting to discuss production targets, causing a dip in global oil prices.
Previously, the government had already lowered the prices of all petroleum products due to the lower international market prices. The ex-depot price of HSD has now fallen below Rs 300 per litre, set at Rs 296.71. The ex-depot price of petrol remains at Rs 281.34 per litre.
The government and the IMF had discussions about the Petroleum Development Levy on petroleum products. The government is aiming to collect Rs 869bn as petroleum levy during the current fiscal year, with the total collection already surpassing Rs 222bn in the first quarter ending in September. Despite the slow increase in per litre rates on petrol and minimal changes on HSD, the budget target is still on track.