New Record High for Petrol Prices

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Government on Thursday night has increased petroleum prices with immediate effect in wake of revival of the IMF program. With an increase of Rs 8.03 while reaching a new record-high, the petrol is now available for Rs 145.82 per liter.

Similarly, with an increase of Rs 8.14 per liter, the price of High Speed Diesel (HSD) has reached Rs 142.62 per liter. The price of kerosene is now Rs 116.53 per liter with an increase of Rs 6.27. Likewise, the rate of Light Diesel Oil (LDO) has been increased to Rs 114.07 per liter witnessing an increase of Rs 5.72.

This is for the first time in the Pakistan’s history that prices of all the petroleum products are above Rs 110 per liter. According to sources, the major increase was mainly because of exchange rate loss and increase in tax rates. The revised prices are effective from 5th of November 2021. According to statement issued by the Ministry of Finance:

“It is important to note that in the previous petroleum prices, a significant relief was already provided to the consumers. The government is cognizant of its responsibility to provide maximum relief to the consumers. This has dented the petroleum levy budget of Rs 152.5 billion during July-September 2021 as compared to Rs 20 billion realized only. Foregoing in view, the prices of petroleum have been increased partially as compared to the prices being worked out by OGRA.”

The statement added that if the government had accepted OGRA’s recommendation, the new prices would have been much higher.

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