16 Aug 2022

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Price of petrol increased by 15 rupees per litre

(Desk Report)

In view of the fluctuations in petroleum prices in the international market and exchange rate variation, the government has decided to increase prices of petroleum products in the country form today (Friday).

According to Ministry of Finance, the government took the decision to apply petroleum levy partially and revise the existing prices of petroleum products as agreed with the development partners.

The price of petrol has been increased from 233.89 rupees per litre to 248.74.

Likewise, the price of high speed diesel has been increased from 263.31 rupees to 276.54 per litre.

Kerosene oil from 211.43 to 230.26 rupees per litre and light diesel oil from 207.47 to 226.15 rupees.

Notification to this effect has been issued.

Addressing a press conference in Islamabad soon after the price hike notification was issued by the Finance Division, Federal Minister for Finance and Revenue Miftah Ismail while justifing the increase in the petroleum products,  said the deviation from the agreement with the International Monetary Fund by the Pakistan Tehreek-i-Insaf  government is the key reasons of this hike.

He said the incumbent government had to honour commitments made with IMF by the previous regime, which had abandoned the agreement after a no-confidence motion was initiated against it.

Miftah Ismail said the government has to apply ten rupees Petroleum Development Levy on petrol and five rupees on diesel.

Speaking on the occasion, Minister of State for Petroleum Musadiq Malik said the government had to take tough decisions to steer the country out of the crisis.

He said with timely and corrective measures, the government has successfully avoided the looming threat of bankruptcy.