ISLAMABAD: The newly-elected government led by Prime Minister Shehbaz Sharif Friday maintained the price of petrol for the next fortnight at Rs279.75 per litre.

In a statement, the Finance Division said the price of diesel had been slashed by Rs1.77 per litre, dropping it to Rs285.56 per litre.

The Finance Division added that the prices, which come into effect at 12am on March 16, will remain in place till March 31.

Sources within the ministry said the price of kerosene oil has been reduced to 188.86 per litre after a reduction of Rs1.35 per litre in its rate, while the price of light diesel oil has been reduced by Rs2.12 per litre.

A report published in this paper mentioned that at present, the government is charging Rs60 per litre of petrol as petroleum development levy (PDL).

Consumers are also paying Rs5.69 per litre on petrol as IFEM (Internal Freight Equalization Margin), Rs7.87 per litre as OMCs margin, and Rs8.64 per litre as dealers margin. Likewise, the government charges Rs60 per litre as PDL on HSD.

Those who consume HSD in their vehicles also pay Rs4.24 per litre as IFEM, Rs7.87 per litre as OMCs margin and Rs8.64 per litre as dealers margin.