The federal government has announced a Rs 1 per litre reduction in petrol prices, providing slight relief to consumers.

According to a notification issued by the Ministry of Finance, the revised prices will take effect from midnight tonight.

However, the price of high-speed diesel (HSD) will remain unchanged at Rs 258.64 per litre, keeping transportation and industrial costs steady.

Despite the minor reduction in petrol prices, the government has significantly increased the petroleum levy by up to Rs 8.64 per litre.

As per a notification issued by the Oil and Gas Regulatory Authority (OGRA), the levy on high-speed diesel has been raised by Rs 8.64, bringing the total levy on diesel to Rs 78.64 per litre. Similarly, the petrol levy has been increased by Rs 2.15, making the total levy on petrol Rs 72.15 per litre.

The revised levies will be effective from March 29, impacting fuel costs despite the slight price cut.

The increase in levies is expected to offset the revenue shortfall and meet budgetary targets set by the government. However, consumers remain concerned that the rising levy on petroleum products will dilute any relief from minor price cuts.