Petroleum Prices Further Jacked Up

July 1, 2022 / By Zunair Tahir / Pakistan News

Miftah Ismail, the finance minister, stated on Thursday that the International Monetary Fund (IMF) programme must be revived despite the rise in petroleum development levies of Rs. 10 on gasoline and Rs. 4 on diesel.

The finance minister, who spoke at the news conference alongside Musadik Malik, stated that the new price of gasoline will be Rs 248.75 after midnight following PDL’s Rs 10 per litre rise and Rs 4.85 increase in its price.

Petroleum Price in Pakistan Today

PRODUCT	PRICES
Petrol	PKR 248.74
High Speed Diesel (HSD)	PKR 276.54
Light Diesel Oil (LDO)	PKR 230.26
Kerosene Oil	PKR 211.43

Following a rise of Rs 8.23 in price and Rs 5 in tax, he stated that diesel, which was already priced at Rs 263, would now cost Rs 276.54 per liter.

Similarly, he stated that light diesel, whose price was Rs 207, would be Rs 226.15 per liter after 12am as a result of a hike of Rs 13.68 in price and Rs 5 tax. Kerosene oil, whose price was Rs 211, would now be Rs 230 following an increase of Rs 18 in price and Rs 5 PDL per liter.

Ismail stated that these rates will go into effect at midnight in order to make up for a deficit of Rs 230 billion during the fiscal year that ended on June 30th, 2022.

These costs have to go up because of the nation’s unprecedented high budget deficit of Rs. 5 trillion.

He claimed that although the administration made every effort to alleviate the situation, there was no choice but to raise prices because of the sharp rise in costs.