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
|High Speed Diesel (HSD)
|Light Diesel Oil (LDO)
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.
READ MORE: 2022 CAR PRICE LIST IN PAKISTAN
These levies were required because the government reinstated the IMF’s EFF program, which had been broken by the previous administration and whose time frame and funding had both been raised. The initiative would now last four years and include an increase of $2 billion over its initial budget.
According to Musaddiq Malik, the Oil and Gas Regulatory Authority (OGRA) Ordinance was amended by Imran Khan’s previous administration to allow the regulator to pass on set gas rates to the general public in 40 days.
He said that the division had sought advice from oil refineries about the possibility of importing oil from Russia. He insisted that the Russian envoy had previously confirmed Imran Khan’s earlier claim that PTI was in talks with Russia over the acquisition of cheaper oil.
He said that the government will soon begin importing coal from Afghanistan and that vehicles needed for electricity generating would receive Pakistani visas at the border.
He said that the government was in talks with a number of foreign nations for a long-term LNG deal since spot purchases were extremely expensive and the government had to reject one LNG proposal for the July window.
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