Residents of Punjab have received relief following a decrease in petroleum product prices, as transporters have significantly reduced fares.

In a statement, provincial Information Minister Azma Bukhari announced that transporters have cut fares by Rs30 to Rs70.

Last week, the federal government slashed the petrol price by Rs10 per litre and diesel rate by Rs13.6 per litre, respectively as part of its fortnightly revision.

The new petrol price is Rs259.10 and the new high-speed diesel rate is Rs249.69, with the price of kerosene falling by Rs11.15 from Rs169.62 to Rs158.47. Light diesel oil has become Rs12.12 cheaper, with prices falling to Rs149.13 from Rs154.05.

“Whenever there is a reduction in petrol prices, Maryam Nawaz and her team actively work to lower fares,” she said.

Bukhari claimed that in Punjab, unlike any other province, fares have been reduced following the drop in petrol prices. “Punjab is the only province where excess fares charged from passengers are refunded.”

The provincial information minister went on to add that teams from the district administration are checking fare schedules at all bus terminals.

“Punjab Chief Minister Maryam has issued strict instructions to take strong action against those charging excess fares from passengers. It is our responsibility to ensure that the relief from lower petrol and diesel prices reaches the travellers,” she said.

Bukhari stated that all transporters should cooperate with the government.

Pakistan’s fuel rates are determined by a pricing formula approved by the government.

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In the fiscal year budget, the government increased the maximum petroleum levy from Rs60 to Rs70 per litre to collect Rs1.28 trillion. The target is nearly Rs150 billion higher than the previous year’s collection of Rs1.019 trillion and exceeds the budget target of Rs869 billion.

The government has imposed about Rs78 per litre tax on petrol and HSD.

Additionally, it levies around Rs8 per litre in customs duties on petrol and HSD, regardless of whether they are produced locally or imported. Oil companies and their dealers also receive approximately Rs17 per litre in distribution and sale margins.