Govt Reduces Prices of Petrol, Diesel Ahead of Ramadan 

The federal government has announced new prices of petroleum products for the next fortnight.   According to the notification issued by the Ministry of Finance, the price of petrol has been decreased by Rs. 0.50 to Rs. 255.63 per liter while the price of high-speed diesel has been decreased by Rs. 5.31 per liter to Rs. 258.64. The new prices will be applicable from midnight today i.e. March 1.    At the last fortnightly review of petroleum prices, the price of petrol was decreased by Rs. 1 to Rs. 256.13 per liter while the price of high-speed diesel was decreased by Rs. 4 per liter to Rs. 263.95.    The government is currently charging Rs. 60 per liter petroleum development levy on both petrol and high –speed diesel. In addition, it also collects around Rs. 16 per liter customs duty on both products.