Islamabad: The government has reduced the petrol levy by PKR 80 per litre, bringing the retail price down to PKR 378 per litre, Prime Minister Shehbaz Sharif announced on Friday.
The revised price came into effect at midnight on Saturday and will remain unchanged for at least one month, according to the prime minister.
The move follows a sharp increase in fuel prices a day earlier, when petrol and high-speed diesel (HSD) prices were raised significantly. Officials said the adjustment in the petroleum levy was aimed at limiting the impact of higher fuel costs on transportation and freight.
Prior to the revision, petrol had reached PKR 458 per litre. The levy on petrol was increased to PKR 160 per litre from PKR 105, while it was reduced to zero on diesel from PKR 55 to cushion the impact on the transport sector.
The prime minister said the decision was part of broader efforts to ease financial pressure on the public during a period of economic strain. Over recent weeks, the government has introduced multiple relief measures, including subsidies and pricing adjustments.
He added that federal and provincial governments would continue coordinated efforts to address rising costs.
As part of austerity measures, the prime minister also announced that federal cabinet members would forgo their salaries for six months, extending an earlier decision of a two-month waiver.
The developments come amid a global fuel crisis linked to geopolitical tensions, which have contributed to volatility in international oil prices.
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