Ignoring the International Monetary Fund’s (IMF) conditions, the government on Tuesday reduced the petroleum levy by Rs. 16.11. The decision came after Prime Minister Imran Khan’s announcement of reducing the price of petrol by Rs. 10 per liter on Monday.
According to the conditions set by IMF, the levy on petrol was to be increased by Rs. 4 per month until the levy had reached Rs. 30 per liter. However, the government has ignored the conditions and reduced the levy instead of increasing it at the aforementioned rate.
Previously, the levy on petrol was Rs. 17.92 per liter, which has been reduced to Rs. 1.81 per liter. The new levy rate is effective from March 1, 2022.
The price of petrol which stood at Rs. 159.86 per liter, has been reduced to Rs. 149.86 per liter.
The government has also reduced the prices of other petroleum goods. The price of High-Speed Diesel (HSD) has been reduced by Rs. 10 per liter from Rs. 154.15 per liter to Rs. 144.15 per liter. The price of Kerosene (SKO) has been reduced by Rs. 1.00 per liter from Rs. 126.56 per liter to Rs. 125.56 per liter. Similarly, the price of Light Diesel Oil has also been reduced by Rs. 5.66 per liter, from Rs. 123.97 per liter to Rs. 118.31 per liter.
